California State Teachers’ Retirement System (CalSTRS) has disclosed approving $2.5bn (€2.1bn) worth of real estate commitments during the first half of 2021.
The $311bn pension fund said it placed around $712m into CP Logistics Canada Platform joint venture through a separate account investment with manager Principal Real Estate Investors and operating partner Panattoni Development Company.
CalSTRS said it holds a 95% stake in the platform which targets industrial assets in Canada.
The pension fund, which holds a $37bn real estate portfolio, said it committed $400m each to CrossHarbor and Heitman to invest in value-add assets and $297m to PacificCal Debt V, a debt joint venture with PCCP.
For real estate fund commitments, CalSTRS made a $150m commitment to Artemis Real Estate Partners Healthcare Fund II and another $150m for co-investment opportunities alongside the fund. It also placed $150m and $250m respectively into the AEW Value Investors Asia IV and Belay Ventures III value-add funds.
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