CalSTRS hires Principal to invest £500m in UK industrial assets
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.