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NYSTRS renews REIT manager

by Zoë Wolff

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

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