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Sign in Sign up for a FREE subscriptionCalSTRS places $1.1b in industrial real estate
The California State Teachers Retirement System (CalSTRS) has invested $1.1 billion in three new industrial real estate commitments during the first half of 2022, according to reports.
The pension fund invested $500 million in CalPoint Industrial JV, a U.S. industrial real estate investment venture; $400 million in CP Logistics U.K. JV and $225 million in the BentallGreenOak U.S. Cold Storage Fund.
As of first quarter 2022, CalSTRS had invested 18 percent of its real estate portfolio in industrial assets, according to a report from adviser RCLCO. In August, the pension fund disclosed a –1.3 percent net return on investments for the 2021 to 22 fiscal year — its first negative return since 2009.
CalSTRS said this reflects the ongoing volatility of global financial markets because of inflation, rising interest rates, the COVID-19 pandemic, and the war in Ukraine.
