Investors - MARCH 25, 2019

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CalSTRS commits $600m to real estate

by Jody Barhanovich

The $226.5 billion California State Teachers’ Retirement System (CalSTRS) has committed a total of $600 million to real estate, according to board meeting documents.

The commitments include $300 million to ResCal Investments, a U.S. opportunistic housing joint venture with Resmark; $200 million to a newly formed venture with 3650 REIT called 3650 Cal Bridge Lending; and $100 million to Lionstone US Value Add Five, a value-added real estate fund that will invest in high-quality office, retail and mixed-use assets. It is managed by Lionstone Investments.

CalSTRS made these commitments in preparation of increasing its short-term allocation to real estate of 12 percent to a long-term allocation of 13 percent, according to the documents.

CalSTRS currently has an actual allocation to real estate of 14.6 percent, which makes up $31.4 billion of its total assets. $20.3 billion of that is in core investments: $5.6 billion in value-add; and $5.5 billion in opportunisti

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