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%.
Trustees lack expertise, time and resources to develop effective communications on technical pensions issues and need professional help, a major review of the British Steel saga has concluded.
In this week's Pensions Buzz, we want to know if you think trustees should consult directly with members before agreeing to a DB superfund buyout.
Thousands of savers taking tax-free lump sums ahead of retirement are at risk of a pensions shortfall in later life due to neglecting their remaining pot, Zurich has warned.
Professional Pensions is looking to update its list of pensions master trusts in the UK ahead of authorisation. Can you help?