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NYSTRS commits to CMBS, renews REIT mandates
The New York State Teachers’ Retirement System made several real estate–related decision at its April 29 board meeting. Among the decisions was a commitment of up to an additional $200 million to Prima Capital Advisors to manage a portion of the $109.2 billion retirement system’s assets in CMBS, mezzanine loans and B-notes in a separate account structure.
NYSTRS’ initial investment of $350 million with Prima was made in 2003. John Cardillo, a spokesperson for NYSTRS, says the additional allocation will allow the retirement system to access high-quality properties. He notes that Prima Capital Advisors has a track record of strong returns and a seasoned management team.
Additionally, the retirement system renewed its agreement with Adelante Capital Management to manage a portion of its portfolio by actively investing in REITs and REOC securities. The mandate is effective July 1 and will last one year. NYSTRS renewed similar agreements wit