New York State Teachers Retirement System has approved an additional $150m (€132.6m) to its commercial mortgage-backed securities (CMBS) portfolio.
The pension fund disclosed in a meeting document that the allocation to the CMBS portfolio was moved from cash reserves into a BlackRock-managed account.
New York State Teachers also decided to redeem $50m from its real estate investment trust (REIT) portfolio managed by Cohen & Steers, while still maintaining a substantial investment with the manager. At the time of the redemption, Cohen & Steers was overseeing a $1.27bn domestic REIT portfolio for the pension fund.
New York State Teachers told IPE Real Assets that “the redemption from the REIT portfolio managed by Cohen & Steers was done to rebalance the equity real estate allocation closer to our target of 11%.”
New York State Teachers said it also renewed investment contracts with three real estate managers: AEW Capital Management, which oversees a $106.9m domestic REIT portfolio and a $243.5m global REIT portfolio; Adelante Capital Management, managing a $315.9m domestic REIT portfolio; and Raith Capital Partners, a real estate debt manager overseeing a $224.7m CMBS portfolio and a $24.9m private debt portfolio.
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