NYSTRS renews REIT manager
The New York State Teachers’ Retirement System has renewed its contract with one of its REIT separate account managers, Cohen & Steers Capital Management, according to meeting documents.
The new one-year contract begins in September, and the manager also may invest in preferred securities of REITs or real estate operating companies. The portfolio has a value of $165.6 million.
The $104.3 billion pension fund also authorized the executive director and chief investment officer to provide up to $169 million in first mortgage financing for 11 Times Square in New York City.
Earlier this year, a 45 percent stake in the 1 million-square-foot office tower was purchased by Norges Bank Investment Management, which invests on behalf of Norway’s Government Pension Fund Global, in a