CalSTRS committed $416 million to real estate partnerships and joint ventures in November and December, including $161 million to two international investments, according to a staff memo to the pension fund's board.
The $126 billion California State Teachers' Retirement System, Sacramento, committed up to 74 million euros ($96 million) to NIAM Nordic Investment Fund III, CalSTRS' first real estate investment in the Nordic region. It also committed $75 million to Black Creek Group's Mexico Retail Properties fund.
Also, the fund committed $100 million to the THOR Urban Operating Fund, a commingled pool designed to invest in underserved urban markets. CalSTRS also committed money to three joint ventures: $100 million to a 95/5 venture with Center Oak Properties, which will invest in West Coast retail shopping centers; $85 million into a 75/25 venture with Regency Centers Corp. to buy grocery-anchored and community shopping centers; and $60 million to Federal Acquisition Partners, which will buy office buildings primarily leased to U.S. government agencies. Spaulding & Sly Colliers is the manager and co-investor for the latter investment.