Michigan State Employees' Retirement System, Lansing, will sell half of its controlling ownership interest in real estate investment firm Simpson Housing LP to the $31.6 billion Alaska Permanent Fund Corp., Juneau. The $2.1 billion deal is expected to close March 31, said Paul H. Saylor, chairman of CS Capital Management, which advised the Alaska fund. Alaska Permanent bought the stake to get a large real estate deal flow without having to buy one parcel of real property at a time, Mr. Saylor said. The $51 billion Michigan fund owned around 95% of Simpson Housing.
Terry Stanton, spokesman for the Michigan system, did not return calls for comment.
(updated with correction)