Investors - DECEMBER 8, 2014

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

California pension plan commits $1.6b to real estate

by Reg Clodfelter

The $186.4 billion California State Teachers' Retirement System has committed $1.62 billion to real estate, with $885 million going to core real estate and $739.1 million going to value-add real estate, according to a recently released quarterly activity report. CalSTRS did not make any commitments to opportunistic real estate.

The four core commitments consisted of two new relationships for CalSTRS and two follow-on commitments. Of the two new core relationships, a separate account with Invesco Real Estate to acquire the Hill County Galleria was the larger one, receiving $285 million from the pension plan. The Hill County Galleria is a mixed-use suburban class A open-air lifestyle center located in Austin, according to the activity report. CalSTRS also committed $200 million to TCI Real Estate Partners, an $800 million fund managed by TCI Fund Management that looks to generate income by investing in first mortgages of trophy assets in Western Europe and the United

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy