PSP Investments and Nuveen form joint venture to invest in U.S. shopping centres

PSP Investments forms joint venture with Nuveen
PSP Investments forms joint venture with Nuveen
The Canada flag flies atop the Peace Tower on Parliament Hill in Ottawa on Friday, May 5, 2023.
THE CANADIAN PRESS/Sean Kilpatrick
Writer

The Public Sector Pension Investment Board has signed a deal to launch a joint venture with Nuveen Real Estate to invest in open-air shopping centres in the United States.

The partnership is starting with a US$790-million portfolio.

PSP Investments says the strategy is demographically driven, focusing on open-air shopping centres anchored by grocers, necessity-based retailers, and essential services.

It is targeting U.S. metro areas with strong population growth, rising household incomes and high barriers to entry, where retailers are seeking to expand.

To date, PSP Investments and Nuveen say they have closed deals on 19 assets in Virginia, Arizona, Florida, Minnesota, Texas, California, Colorado, and Washington.

PSP Investments invests money for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police, and the Reserve Force.

This report by The Canadian Press was first published Oct. 21, 2026.

Copyright 2026, The Canadian Press. All rights reserved.

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