CalPERS transferred a $724 million real estate portfolio, National Office Partners, to existing manager CommonWealth Partners from Hines, confirmed Clark McKinley, spokesman for the $220.3 billion system.
The shift was part of the California Public Employees' Retirement System's restructuring of its $15 billion real estate investment portfolio, he said. The portfolio lost 53.6% in the year ended June 30, according to the latest real estate quarterly report..
The NOP portfolio was a joint venture between Hines and Sacramento-based CalPERS. The portfolio was the lowest performing in CalPERS' core office subsector, earning an annualized 0.6%, after fees, since its July 1998 inception.