UNITED STATES - New York State Teachers Retirement System has agreed to extend the manager contracts with three separate account managers for a non-US REIT investment strategy.
REITs are now being viewed by many US pension funds on a more positive note as they have performed better in the last few months on the back of increased capital in the market.
REITs in the US and overseas have raised more than $21bn ($14bn) in new capital so far this year, with more on the way.
So NYSTRS has extended the deals for a further 12 months from December with EII Realty Securities, LaSalle Investment Management Securities and RREEF on portfolios worth $247.3m by the end of September 2009.
The EII Realty account has assets worth $94m, while LaSalle manages $86.5m and RREEF looks after $93.8m in REITs investments.
These particular REITs invest outside the US and are expected to invest in public REITs that own and operate traditional real estate such as office, industrial, retail and residential properties.