CalSTRS hired Principal Global Investors to manage a $550 million retail, office and industrial property portfolio formerly run by Lend Lease Real Estate Investments, said Sherry Reser, spokeswoman. Staff at the $100 billion California State Teachers' Retirement System, Sacramento, reviewed Lend Lease's portfolio because of personnel changes at the firm earlier this year as well as the firm's spring announcement that it would exit the U.S. real estate business, she said.
The system is reviewing the remaining $500 million Lend Lease manages for CalSTRS, Ms. Reser said.
