California State Teachers’ Retirement System (CalSTRS) has created a £500m (€563m) separate account with Principal Real Estate Investors to invest in industrial assets in the UK.

CalSTRS declined to comment but a board meeting report shows the account is called CP Logistics UK.

Last year, the $232bn (€188bn) pension fund launched a similar $400m separate account to invest in European logistics.

The new account is part of $1.24bn of new commitments approved by the pension fund targeted European real estate.

It approved a $400m commitment to Blackstone’s open-ended core property fund, Property Partners Europe.

Blackstone declined to comment.

It also committed €125m to Meyer Bergman European Retail Partners III, which raised more than €800m earlier this year.

The commitment from CalSTRS represented about 15% of the fund’s €816m capital raise.

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