NYSTRS renews real estate contracts

The $95.4 billion New York State Teachers’ Retirement System has renewed contracts with international REIT managers EII Capital Management, RREEF America (now Deutsche Asset & Wealth Management) and LaSalle Investment Management, effective December 2013. In addition, Callan Associates will continue to be the pension fund’s real estate consultant effective Feb. 1, 2014.

EII Capital will manage a portion of the system’s assets as an international ex-U.S. real estate securities manager, for one year, effective Dec. 7, 2013.

LaSalle will manage a portion of the system’s assets as an international ex-U.S. real estate securities manager, for one year, effective Dec. 7, 2013.

And NYSTRS renewed the agreement with RREEF America, which will manage a portion of the system’s assets as an international ex-U.S. real estate securities manager, for one year, effective Dec. 1, 2013.

In other news, NYSTRS committed $25 million to Edens Investment Trust, a joint venture with JP Morgan Strategic Property Fund and the State of Michigan Retirement System. In May 2013, NYSTRS approved a $225 million commitment.

NYSTRS’ real estate portfolio had a market value of $17.1 billion at the end of June 2013.