New York, Montréal (October 21, 2026) – The Public Sector Pension Investment Board (PSP Investments), one of Canada's largest pension investors, and Nuveen Real Estate, one of the largest real estate investment managers globally, today announced the launch of a joint venture with an initial investment of US$790 million to acquire open-air shopping centers across the United States.
The investment strategy is demographically driven, focusing on open-air shopping centers anchored by market or category dominant grocers, necessity-based retailers, and essential services that continue to demonstrate durable performance and resilient foot traffic. The joint venture targets U.S. metro areas with strong population growth, rising household incomes, and high barriers to entry, where well-capitalized retailers are actively seeking to expand.
To date, PSP Investments and Nuveen have closed on property acquisitions totaling 3 million square feet across 19 assets in Virginia, Arizona, Florida, Minnesota, Texas, California, Colorado, and Washington, in line with the joint venture's strategy. Notable acquisitions include:
Beyond these individual acquisitions, the joint venture has also completed two larger portfolio acquisitions, adding meaningful scale and geographic diversification, while still maintaining the grocery-anchored and necessity-based thematic focus. The first portfolio consists of six open-air shopping centers spanning approximately 801,000 square feet across top MSAs including Fort Lauderdale, San Diego, Orange County, Dallas-Fort Worth, Minneapolis, and Los Angeles. The second is an 11-property portfolio totaling approximately 1.9 million square feet across California, Colorado, and Washington. All assets in the respective portfolios are positioned at a high-traffic intersection or along a major corridor, providing strong visibility and convenient access for daily-needs shoppers.
“We have been reshaping our U.S. retail exposure around a much tighter definition of the sector: open-air centers anchored by grocers and daily-needs tenants, which aims to deliver a steady, inflation-linked income for our portfolio," said Julien Roy-Décary, Managing Director, Real Estate Investments, Americas at PSP Investments. "Nuveen brings the sourcing reach and operating depth this kind of portfolio demands, and what we own today is exactly the retail exposure our strategy calls for."
“Necessity-based retail has demonstrated remarkable resilience through various cycles, underpinned by consistent consumer demand for essential goods and services,” said Brian Wallick, Portfolio Manager, Retail, Nuveen Real Estate. “Coupled with PSP Investments’ long-term capital, this venture is designed to deliver both durable income and long-term value creation. We’re confident this combination of scale, relationships, and local execution positions us strongly in one of the most stable and defensive segments of retail real estate.”
Media contacts
PSP Investments
Charles Bonhomme
media@investpsp.ca
Nuveen Real Estate
Andrew Chironna
Andrew.Chironna@nuveen.com
+212-913-1015
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $320.6 billion of net assets under management as of March 31, 2026. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police, and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.
About Nuveen Real Estate
Nuveen Real Estate is one of the largest investment managers in the world with $135 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to a broad range of real estate investing opportunities. With over 90 years of real estate investing experience and more than 590 dedicated employees* located across 30+ cities throughout the United States, Europe and Asia Pacific, the platform offers global reach with deep sector expertise, seeking to provide investors access to high quality investments across the private real estate investment landscape. For further information, please visit us at nuveen.com/realestate.
* Nuveen Real Estate has 590+ dedicated professionals, including 340+ investment team members, and is supported by over 1,000 shared services employees across the broader Nuveen organization.
Source: Nuveen, 30 June 2026.
Important: strategy being discussed is only available to accredited and institutional investors.
Past performance is not a guarantee of future results.
Real-estate investments and the ability to capitalize on secular trends are subject to market, tenant, liquidity and valuation risks and income and capital growth and are not guaranteed and may fluctuate.
Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Real Estate securities products distributed in North America are advised by U.K. regulated subsidiaries or Nuveen Alternatives Advisors, LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, Member of FINRA and SIPC.