US real estate developer Hines and US pension fund Calpers (California Public Employees' Retirement System) are reducing the size of their HCS Interest joint venture fund from EUR 183 mln to EUR 35 mln. The fund, headed by Carlos Matta, was launched in June 2006 and was targeting the Spanish residential market. According to Spanish newspaper Expansion, the two companies said the decision was prompted by 'the difficult situation in the Spanish residential market' and added that the vehicle, with a life of 10 years, is likely to report a loss.
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