The California State Teachers’ Retirement System (CalSTRS) has made $1.55bn (€1.34bn) of new investments in real estate during the second quarter of this year.
The largest was a $400m investment in CL Logistics Platform, a joint venture with Principal Real Estate Investors.
The pension fund holds a 95% interest in the $421m joint venture, which will pursue a value-added strategy in the US, with Principal owning the remaining 5%.
The assets will be transferred to the pension fund’s core portfolio once the properties have been stabilised.
CalSTRS expects to generate a long-term net return of between 9% and 12%.
The second largest real estate move by the pension fund was its $300m acquisition of the 60 London Wall office building in London.
The property was acquired via LaSalle Investment Management and is the pension fund’s first non-US separate account investment.
CalSTRS has also created a partnership with JP Morgan Asset Management to invest in office buildings.
The pension fund holds a 97% interest in the ParkCal joint venture with a $200m commitment. The balance of the venture is owned by the manager.
ParkCal will buy and investment in the development of well-located, dominant office assets in the US.
The pension fund also committed $250m to Datacore Fund, $50m to PCCP Credit VI, $100m to PAG Real Estate Fund, $50m to Heitman Value Partners III, $100m to PCCP Equity VII and $100m to Lone Star Real Estate Fund IV.
- American Investors
- California State Teachers Retirement System
- Capital Raising
- Closed-ended funds
- Investment Strategies
- Investment Vehicles
- Joint ventures
- JP Morgan Asset Management
- lasalle investment management
- Pension Funds
- Principal Real Estate Investors
- Real Estate
- US Investors