CalPERS buys stake in Russian mall
The $260.4billion California Public Employees' Retirement System (CalPERS) is reportedly buying a minority stake in Moscow’s Metropolis mall from Morgan Stanley, which acquired Metropolis for approximately $1.2 billion from Kazakhstan Capital Partners. The sale was recognized as the largest in the history of the Russian market of commercial real estate. According to Artem Tsogoeva, managing partner of the Moscow Central real estate exchange, the value of the property is now approximately $1.1 billion.
An application to the Federal Antimonopoly service of Russia was filed through the investment vehicle Hines CalPERS Russia Long-Term Hold Venture (HCR), which focuses on long-term investments in Russia.
CalPERS declined to comment on the transaction. Hines was