The California Public Employee’s Retirement System is investing in an industrial property joint venture with Sealey and Company to acquire and develop industrial projects in the US.
The $200 million (€134 million) JV will see the pair assemble assets to be held for income and long-term appreciation as well as short term investment.
As part of the arrangement, Principal Real Estate Investors, the property investment arm of Principal Financial Group, will identify opportunities in the south of the country.
CalSTRS is the second-largest US public pension fund. It recently made commitments to two separate funds managed by US reit, First Industrial. It committed an initial $150 million to a European JV targeting the Netherlands and Belgium and an initial $90 million to a Canadian JV.
More generally, the pension fund has stepped up its real estate program. It recently approved a move to increase its private equity target to 10 percent from 8 percent.Â
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
