CalSTRS committed $200 million to Principal Real Estate Investors to form or acquire a new real estate operating company on behalf of the $318.1 billion pension fund in North America and Europe, said Rebecca Foree, CalSTRS spokeswoman, in an email.
Officials at the the California State Teachers' Retirement System, West Sacramento, also hired Principal Real Estate Investors to oversee six existing CalSTRS real estate operating company investments in the U.S.
CalSTRS declined to provide further details about these investments.
Separately, CalSTRS committed a total of about $2.5 billion to six new real estate strategies and an additional $256 million to an existing real estate co-investment vehicle, Blackstone Real Estate Partners Account-C, managed by Blackstone, in the second half of 2021, a report shows.
CalSTRS committed a total of $875 million as a seed investor in the IDR Core Property Trust, managed by Investors Diversified Realty, which invests in core open-end funds in the NCREIF Open-end Diversified Core Equity index.
Pension officials also committed $500 million to Longfellow Strategic Value Fund II, an office fund managed by Longfellow Investment Management, and $400 million to industrial real estate fund CBRE U.S. Logistics Partners, and $300 million to CBRE Asia Value Partners VI, a non-core Asian real estate fund, both managed by CBRE Investment Management.
CalSTRS also committed $300 million to LaSalle Asia Opportunity Fund VI, a Pan-Asian opportunistic real estate fund managed by LaSalle Investment Management, and €150 million ($163 million) to Harrison Street European Property Partners III, a fund investing in student housing, build-to-rent residential and life sciences real estate in Europe.
