New York State Teachers Retirement System (NYSTRS) has redeemed $375m (€340m) from real estate investment trust (REIT) managers Cohen & Steers, Adelante, AEW and Brookfield.
The pension fund disclosed in a meeting document that it redeemed from its US REIT by taking $180m from Cohen & Steers and $75m from Adelante. NYSTRS also redeemed from its global REIT portfolio by asking for $82.5m from AEW and $37.5m from Brookfield.
NYSTRS said its US REIT portfolio produced a -24% return and the global REITs recorded -23.9% in 2022.
NYSTRS told IPE Real Assets that the redemptions were intended to address overall asset allocation needs and to bring the real estate allocation closer in line with the target.
The pension fund also disclosed it also received $13.8m from an outstanding open-ended fund redemption request. The name of the open-ended fund was undisclosed.
NYSTRS said it made a real estate debt investment by allocating $150m to Artemis Debt Separate Account, a strategy that provides mezzanine loans and first mortgages on a variety of assets in the US. NYSTRS started the Artemis separate account relationship with a $300m commitment in 2021.
The pension fund has also issued a $50m commitment to the Cabot Industrial Value Fund VII, a fund $1.5bn seeking to raise and a $1.75bn hard cap to invest in value-add US industrial assets.
The pension fund’s real estate equity portfolio, valued at $16.5bn as of the end of the first quarter of 2023, represented 12.5% of its total assets versus an 11% targeted allocation for the asset class.
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