CalPERS Dumps Home Portfolio After Colossal Losses

Law360, New York (January 18, 2012, 3:33 PM EST) -- California's public employee pension fund confirmed Wednesday that it has sold the largest portfolio of master-planned communities in the United States at a loss, part of its plan to scale back its residential holdings in favor of money-generating properties.

Newland Real Estate Group LLC and North America Sekisui House LLC, a subsidiary of Tokyo-based builder Sekisui House Ltd., teamed up to buy 28 communities from the beleaguered California Public Employees' Retirement System, whose big bets on U.S. housing have caused major losses since 2008.

The portfolio...
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