The California State Teachers’ Retirement System (CalSTRS) has hired Principal Real Estate Investors as an advisor on real estate operating company (REOC) investments.

Principal Real Estate said it has been awarded a $200m (€172.8m) mandate to form or acquire new REOC investments on behalf of CalSTRS in North America and Europe.

The manager will also provide oversight services on six existing CalSTRS REOC investments in the US.

Todd Everett, CEO of Principal Real Estate Investors, said: “We are very pleased to have been chosen by CalSTRS for this REOC mandate that expands our relationship of more than 20 years.

“This new initiative represents a continuation of a long-standing, strategic commitment Principal has made to provide REOC investment solutions to our clients.”

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