California State Teachers Retirement System (CalSTRS) has hired as its first real estate investment trust (REIT) manager.
The $229bn pension fund told 91传媒在线 that it has awarded a $100m (鈧�89.2m) account, which it said would provide 鈥渓iquidity for the real estate portfolio鈥� and is 鈥減art of the real estate industry in which CalSTRS had not yet invested in鈥�.
At the end of last year, the pension fund鈥檚 real estate portfolio stood at $31.4bn. CalSTRS has set the maximum equity investment for public real estate within the real estate portfolio at 15%.
will have investment discretion to invest in public REITs in the US and will be benchmarked by NAREIT.
The public real estate strategy for CalSTRS also includes making equity investments in real estate operating companies.
It recently completed a deal to acquire a majority stake in US residential platform Fairfield Residential from .
