The California State Teachers’ Retirement System (CalSTRS) has entered into a $300 million joint venture with its existing manager DivcoWest to invest in core and core-plus real estate.
According to a press release issued by the $222.5 billion US public pension, the JV will invest in commercial properties in major cities across five states and Washington, D.C. Along with the intrastate cities of Los Angeles, San Diego and San Franciso, CalSTRS’ other target markets include Boston, New York City and Austin.
CalSTRS has previously invested a total of $1.5 billion with DivcoWest through multiple vehicles and strategies.
The pension has a 12 percent target allocation to private real estate that currently stands at 12.4 percent. Platinum subscribers may click here for CalSTRS’ full profile, including key contacts, allocation strategy and fund investments.