Northern Europe real estate manager Niam is planning to raise €1.5bn for its latest opportunistic fund, according to an investor.

The California State Teachers Retirement System (CalSTRS), said it has approved a $204m (€191.6m) investment to Niam Nordic VIII.

Niam raised €1.1bn for Nordic VII, the previous fund which had a final close in August 2019. Nordic VIII is expected to target a variety of property investments in Denmark, Finland, Norway and Sweden.

Niam did not respond to a request for comment.

CalSTRS said in a meeting document that it issued $1bn worth of commitments into industrial joint ventures by placing $500m each into the IDS Realty JV III and CHICal joint ventures.

CalSTRS expects the capital for IDS Realty JV III to be invested in a diversified real estate strategy. IDS declined to comment. 

The CHICal joint venture, managed by Principal Real Estate Investors, will target core industrial assets.

The pension fund also made a $300m commitment to the Waterton Core Venture, a multifamily investment venture managed by Waterton. The manager declined to comment.

It is understood that this capital will be invested nationwide in core and core-plus assets across the US.

Another multifamily undertaking by CalSTRS was a $145m commitment to the CSJV IUK BX Holding separate account to invest in opportunistic assets, the pension fund said.

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