California State Teachers Retirement System (CalSTRS) made three new industrial real estate commitments worth $1.1bn (€1.06bn) in total during the first half of 2022.
CalSTRS disclosed it placed $500m into CalPoint Industrial JV, a core US industrial real estate investment venture managed by an unnamed party.
The $315bn pension fund has also placed $400m into the CP Logistics UK JV to target opportunistic assets in the UK and made a $225m commitment to BentallGreenOak US Cold Storage Fund, which has now exceeded its $400m target by $50m.
The BentallGreenOak fund previously received $150m from the State of Wisconsin Investment Board and $75m from the Michigan State Retirement System.
As of the first quarter of 2022, CalSTRS had invested 18% of its real estate portfolio in industrial assets compared with the 30% recorded for the NFI-ODCE Value-weighted Index, according to a report issued by pension fund real estate consultant RCLCO.
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