Calpers to sell US$3b worth of its real estate portfolio

San Francisco

THE California Public Employees' Retirement System (Calpers), the biggest US pension fund, plans to sell as much as US$3 billion of its real estate portfolio - a move that is part of a broader plan to reduce costs, risks and external managers.

The US$303 billion fund will sell about 12 per cent of its US$25.5 billion real estate holdings. It won't include any residential properties and the fund is open to offering it as a package or breaking it up, spokesman Joe DeAnda said on Tuesday.