PSP Investments and Nuveen form joint venture to invest in U.S. shopping centres
Montreal - The Public Sector Pension Investment Board (PSP Investments) has partnered with Nuveen Real Estate to form a joint venture for investing in U.S. open-air shopping centers. The collaboration commences with a US$790-million portfolio.
PSP Investments plans to focus its strategy on demographics, targeting shopping centers anchored by grocers, necessity-based retailers, and essential services in U.S. metro areas with growing populations, rising household incomes, and high barriers to entry for retailers. The investment firm has already closed 19 deals in Virginia, Arizona, Florida, Minnesota, Texas, California, Colorado, and Washington.
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