NYSTRS renews REIT management agreements
The $109.7 billion New York State Teachers’ Retirement System has renewed its REIT portfolio management agreements with LaSalle Investment Management and RREEF America, an affiliate of Deutsche Asset Management. The firms will continue to manage a portion of the pension fund’s assets in an active international ex-U.S. real estate securities investment strategy, according to an Oct. 27 board meeting document. The renewed agreement extends the mandate by one year and will be effective starting Dec. 1, 2016. In May 2016, NYSTRS committed up to $117 million to two real estate funds managed by Kettler. Both investment vehicles focus on multifamily development projects in high-growth markets.