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AUGUST 30, 2013

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CalSTRS invests $620 million to real estate in second quarter

by Andrea Waitrovich

The $165.8 billion California State Teachers’ Retirement System (CalSTRS) has committed $620 million for its real estate portfolio as of June 30, 2013. Activity was predominately in lower-risk investments with nearly 90 percent of the commitments in core and value-add follow-on investment vehicles during the second quarter.

Of the $620 million, CalSTRS committed more than $400 million in follow-on core real estate strategies, including $20.2 million to CSOV Bouwfonds II, managed by Fairfield Residential; $198 million to PacificCal PC Core, a debt real estate joint venture with PCCP; and $200 million to LCOR Project Platform, a develop, renovate and redevelop residential partnership with GI Partners.

CalSTRS made an initial commitment to CSOV Bouwfonds in 2007 with a $75 million investment.

For its value-added portfolio, CalSTRS made two follow-on investments to PCCP and Fairfield Residen

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