Investors - DECEMBER 8, 2014

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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

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