CalSTRS wants to set up real estate JVs with other large investors

California State Teachers Retirement System (CalSTRS) is planning to partner with other large institutional investors to undertake major real estate deals, the $226bn (€201bn) pension fund disclosed as part of its business plan for the new fiscal year.

CalSTRS, which holds a $32bn real estate portfolio, said such joint ventures could help facilitate transactions that are too large and complex to be completed on its own.

They could include domestic or international investments in single assets, portfolios or operating companies.

The pension fund did not disclose how much capital it would be made available.

It did reveal that it planned to invest $3bn in real estate debt over three years. Last year, CalSTRS entered a real estate debt joint venture with 3650 REIT.

The pension fund is also looking to hire fund managers to invest in real estate investment trusts (REITs), with a potential allocation of $400m. Earlier this year, it hired Principal Real Estate Investors as its first REIT manager.

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