US - The California Public Employees' Retirement System (CalPERS) invested US$463m in a real estate portfolio consisting of almost the same shopping centres it had previously sold in 2005.
On Friday (July 31), CalPERS announced a joint venture with First Washington Reality in which the pension fund purchased a 60% stake in a portfolio of 86 properties worth $1.73bn.
CalPERS bought the stake from Macquarie CountryWide Trust of Australia, which had previously bought a 75% stake in a 100-property portfolio worth $2.74bn that consisted of many of the same properties.
CalPERS senior investment officer of real estate Ted Eliopoulos said: "People will always need to go to the supermarket, which make these properties recession-hardy as well as valuable in periods of economic growth. It's a great example of opportunities opening up for us, and a preview of what our program will look like as we pursue even more core, cash-yielding properties at attractive prices."
Florida-based Regency Centers Corp. will retain its 25% interest in the portfolio, but has the option to increase it to 40%.
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