California State Teachers Retirement System (CalSTRS) has disclosed issuing a further $350m (€340m) commitment to its real estate investment trust (REIT) manager, CenterSquare Investment Management.
The $308.56bn pension fund’s existing REIT portfolio managed by CenterSquare is valued at $164.5m, according to the pension fund’s website.
The pension fund’s REIT account with CenterSquare has a US investment strategy and is benchmarked against the NAREIT index.
CenterSquare declined a request for comment.
CalSTRS, which disclosed the commitment as part of investments made in the first half of 2022, said it also placed $170m into the Harrison Street European Property Partners III fund. Earlier this year, Harrison Street raised over €800m for its third European alternative real estate fund.
The pension fund also placed $200m into GTISCal Investments, an opportunistic US homebuilding joint venture it established with GTIS Partners in the latter part of 2017.
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