CalPERS in US$231m Spanish property joint venture

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SPAIN - The US$204bn California Public Employees' Retirement System (CalPERS) has formed a new venture with real estate firm Hines to access the Spanish residential market.

New company HCS Interests has been capitalised with $231m (e183m). Focusing chiefly on the Mediterranean coast, it has a target of three years for initial investment and a 10-year life span. Edo...

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