New York State Teachers Retirement System (NYSTRS) has made $483m (€443.2m) worth of real estate transactions, according to the pension fund’s meeting document.
NYSTRS disclosed in the meeting document that moved an £88m investment held in PW Real Estate Assets III into PGV, an open-ended fund managed by Aermont.
PGV, which owns UK’s Pinewood Studios, was set up late last year for the purpose of owning and expanding the film studio company. Information given to Pinewood Group bondholders at the time was that the vehicle is backed by investors including sovereign investors and state pension funds.
Aermont did not respond to a request for comment.
NYSTRS has also approved a $200m commitment to Abacus Multi Family Partners VI, a value-add fund seeking to raise $1.45bn to target garden-style apartments in the US. Abacus expects the fund to achieve a mid-teens internal rate of return.
The pension fund has placed $50m into EQT Exeter Industrial Value Fund VI, a $5bn fund aiming for a 16% to 18% gross internal rate of return.
NTSTRS also disclosed that it has taken $125m out of its existing $3.3bn real estate investment trust (REIT) portfolio and moved the capital into cash for rebalancing purposes.
NTSTRS told IPE Real Assets that the partial capital redemptions were from REIT managers Cohen & Steers Capital Management, AEW Capital Management and Adelante.
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