As part of its larger plan to reduce costs and risks, the California Public Employees’ Retirement System plans to sell up to $3B of its real estate portfolio. The fund has $25.5B in real estate holdings and is open to breaking up the portion for sale or offering it as a package. Residential properties will not be included in the sale, and the fund will reinvest the proceeds in other real estate assets, reports Bloomberg. CalPERS has struggled under the weight of benefits promised to government workers. The fund announced plans in June to reduce the number of outside money managers the fund hires from 200 to 100 by 2020. [Bloomberg]
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