California State Teachers' Retirement System staff intends to seek trustee approval in September for an RFP in real estate to hire as many as 12 managers to handle about $1.35 billion.
The $88 billion system now has four managers: Westmark; Lend Lease Real Estate Investments, formerly ERE Yarmouth; ERE Yarmouth; MIG Realty; and SSR Realty, whose contracts expire at the end of December. All are expected to rebid.
If approved, the RFP will go out in October. Responses would be due around mid-November.
Real estate consultant, Pension Consulting Alliance, will assist.