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Calpers Pension to Sell $3 Billion of Real Estate Portfolio

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The California Public Employees’ Retirement System, the biggest U.S. pension, plans to sell as much as $3 billion of its real estate portfolio, a move that’s part of a broader plan to reduce costs, risks and external managers.

The $303 billion fund will sell about 12 percent of its $25.5 billion real estate holdings. It won’t include any residential properties and the fund is open to offering it as a package or breaking it up, spokesman Joe DeAnda said.