Completed the acquisition of a portfolio worth $790 million, primarily consisting of retail properties essential for daily living, and plans to continue expanding.
New York and Montreal, October 21, 2026 / PRNewswire / -- One of Canada's largest pension investment institutions, the Public Sector Pensions Investment Board ( PSP Investments ), and one of the world's largest real estate investment management companies, Nuveen Real Estate , announced today that they have established a joint venture with an initial investment of $790 million to acquire open-air shopping centers across the United States.
This investment strategy is driven by demographic factors, with a focus on open-air shopping centers that primarily rent out to regional or category leaders such as supermarkets, essential goods retailers, and basic service industries. Both parties stated that these types of assets continue to demonstrate stable performance and resilient customer flow. The target market for this joint venture is major metropolitan areas in the United States, which experience strong population growth, rising household incomes, high entry barriers, and where retailers with substantial financial strength are actively expanding.
To date, PSP Investments and Nuveen have completed a total of 19 asset acquisitions, with a combined construction area of 3 million square feet, spread across Virginia, Arizona, Florida, Minnesota, Texas, California, Colorado, and Washington State, in line with the investment strategy of the joint venture. Notable acquisitions include:
- Lorton Valley Shopping Center ( The Shoppes of Lorton Valley ): This is a community-based shopping center covering 110,000 square feet, driven by a major supermarket chain. It is located in Lorton, Virginia, a affluent suburb of Washington, D.C. The main tenant is the dominant supermarket chain Giant in the Washington, D.C. area.
- Located in Chandler, Arizona, Las Tiendas Village: This is a 188,000-square-foot community shopping center situated in the Phoenix-Mesa-Chandler metropolitan area. The main tenant is the leading specialty organic food chain supermarket Sprouts, and it also features retailers with high credit ratings.
In addition to the aforementioned individual acquisitions, the joint venture also completed two larger asset portfolio acquisitions. While maintaining a focus on the "supermarket main stores + essential goods retail" theme, it further increased its scale and achieved regional diversification. The first asset portfolio included 6 open-air shopping centers with a total area of approximately 801,000 square feet, located in major metropolitan statistical areas such as Fort Lauderdale, San Diego, Orange County, Dallas-Fort Worth, Minneapolis, and Los Angeles. The second portfolio consisted of 11 properties with a total area of about 1.9 million square feet, spread across California, Colorado, and Washington State. Both parties stated that these assets are situated at high-traffic intersections or along major transportation corridors, offering good visibility and facilitating access for shoppers with daily consumption needs.
PSP Investments Managing Director of American Real Estate Investments Julien Roy -Dé cary stated: "We have been reshaping our exposure to retail real estate in the United States, and we have also defined this segment more clearly: focusing on open-air shopping centers dominated by supermarkets and tenants with daily demand. The goal is to bring stable, inflation-linked returns to our investment portfolio. Nuveen possesses the project acquisition capabilities and operational depth required for such asset portfolios, and the assets we currently hold are exactly the retail real estate exposure that our strategy demands."
Nuveen Real Estate Retail Portfolio Manager Brian Wallick stated: "Essential retail has demonstrated significant resilience over multiple cycles, supported by consumers' continuous and stable demand for essential goods and services. Combined with the long-term capital of PSP Investments, this joint venture aims to achieve both stable income and long-term value creation. We believe that this combination of scale, network of relationships, and local execution capabilities puts us in a favorable position in one of the most stable and defensive segments of the retail real estate industry."
About PSP Investments
The Public Sector Pensions Investment Board ( PSP Investments ) is one of the largest pension investment institutions in Canada. As of March 31, 2026, its net managed assets amounted to 320.6 billion US dollars. The institution manages a diversified global portfolio that covers capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. PSP Investments was established in 1999 and is responsible for managing and investing funds transferred to it by the Canadian government, which correspond to the pension plans for the federal public service, the Canadian Armed Forces, the Royal Canadian Mounted Police, and the Reserve Forces. PSP Investments is headquartered in Ottawa, with its main business offices located in Montreal, as well as offices in New York, London, and Hong Kong.
About Nuveen Real Estate
Nuveen Real Estate is one of the largest investment management institutions in the world, managing assets worth $135 billion. The platform oversees a range of funds and entrusted accounts that cover both public and private investments, spanning debt and equity, various regions, and different investment styles, providing investors with a wide range of real estate investment opportunities. With over 90 years of experience in real estate investment and more than 590 professional staff located in over 30 cities across the United States, Europe, and the Asia-Pacific region, the platform relies on its global reach and deep industry expertise to commit to providing investors with high-quality private real estate investment opportunities.
Important Note: The strategies discussed in this text are only available to qualified and institutional investors.
Past performance does not guarantee future results.
Real estate investment, as well as the ability to grasp long-term trends, face risks related to the market, tenants, liquidity, and valuation. Both returns and capital appreciation are not guaranteed and may be subject to fluctuations.
Nuveen Real Estate is a real estate investment management holding company, owned by the American Teachers Insurance and Annuity Association (TIAA). The securities products distributed in North America by Nuveen Real Estate are provided with investment advice by subsidiaries regulated by the UK or by Nuveen Alternatives Advisors, LLC; the latter is a registered investment advisory firm and also a wholly-owned subsidiary of TIAA. The related products are distributed by Nuveen Securities, LLC, which are members of FINRA and SIPC.












