The Los Angeles County Employees Retirement Association (LACERA) has disclosed that it was the vendor of the Garden City Shopping Center in Cranston, Rhode Island which sold for $181m (€163m) earlier this year.

It was one of six large properties worth more than $1bn in aggregate that had been earmarked for sale since September 2018, when the pension fund directed its separate-account managers to sell select assets.

The 530,629sqft shopping mall, which was sold to WS Development in January, has been owned by the pension fund for more than 20 years.

Garden City was acquired for $155m in 1998 by TA Associates Realty on behalf of LACERA. The management of the property was then transferred to DWS.

Three more of the large assets have been sold: the Instrata NoMad apartment complex in New York City exchanged in February for $380m; the Glendon apartment complex in Los Angeles was sold for $365m in June 2019; the Princeville Resort Hotel in Hawaii has also been sold for an undisclosed amount.

The proceeds could be re-invested in open-ended real estate funds to increase diversification.

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