PSP Investments, Nuveen form U.S. malls joint venture

MONTREAL — The Public Sector Pension Investment Board has signed a deal to launch a joint venture with Nuveen Real Estate to invest in open-air shopping centres in the United States.

The partnership is starting with a US$790-million portfolio.

PSP Investments says the strategy is demographically driven, focusing on U.S. open-air shopping centres anchored by grocers, necessity-based retailers, and essential services.

To date, PSP Investments and Nuveen say they have closed deals on 19 assets in Virginia, Arizona, Florida, Minnesota, Texas, California, Colorado, and Washington.

PSP Investments invests money for the pension plans of the federal public service, Canadian Forces, Royal Canadian Mounted Police, and Reserve Force.

— The Canadian Press