CalSTRS commits $850m to real estate
The $191.4 billion California State Teachers' Retirement System has committed a total of $850 million to three real estate funds, according Ricardo Duran, a spokesperson for the pension fund. The commitments include $400 million to CP Logistics Platform, $200 million to Park Cal and $250 million to the DataCore Fund.
CP Logistics Platform is a joint venture between the pension fund and Principal Real Estate Investors that will focus on “build-to-core” and “lease-to-core” investments in major markets across the United States.
Park Cal is a joint venture between CalSTRS and J.P. Morgan Asset Management that will invest in well-located office assets. The value-added vehicle will invest throughout the United States. Duran says CalSTRS finds this strategy attractive because “it capitalizes on the spread between supply and demand, which exists in most major U.S. markets.”
The DataCore Fund, sponsored by GI Partners, f