CalPERS, the $152bn California Public Employees' Retirement System, has formed a joint venture with Sunrise Assisted Living and AEW Capital Management to buy and operate seven assisted living residences for senior citizens.
Under the terms of the deal, Sunrise, CalPERS and AEW - the pension fund's real estate consultant - will pay $115.5m for the seven properties. CalPERS will invest $29m, US mortgage giant Fannie Mae...
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