CalSTRS will buy out Lazard Freres Real Estate Investors interest in a joint venture real estate fund with DP Partners. Terms were not disclosed. DP Partners retained a significant undisclosed ownership interest in the fund and will manage the properties. The venture, now called DP Industrial, comprises 105 industrial buildings.
DP Industrials core markets are Nevada, California, Indiana, Georgia and Pennsylvania, but fund managers will begin pursuing properties across the United States. According to a statement, the joint venture between DP Partners and the $94 billion California State Teachers Retirement System, Sacramento, plans to develop and lease three million square feet of industrial space annually over the next five years.