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CalSTRS Announces Real Estate Partnership to Serve Urban Markets

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The press release states, “the California State Teachers’ Retirement System (CalSTRS) today announced the launch of a real estate joint venture focused on urban retail properties in underserved communities. The partnership has the potential of reaching $250 million in commitments.

CalSTRS partnered with Dallas-based Sarofim Realty Advisors in 2004 to form the Community Retail Development Fund (CRDF), which seeks to invest with local and regional partners on retail properties in underserved communities. Sarofim has served institutional investors with long-term investment horizons since 1982.

The fund has identified Primestor Development, Inc., a prominent Los Angeles developer and operator, to develop, redevelop and acquire retail properties with an eye toward establishing a stable portfolio of core assets over time. CalSTRS’ commitment includes the development of a community shopping center in South Gate, about seven miles southeast of downtown Los Angeles. The strategy for the South Gate project is to build a high quality retail asset to attract national and major regional retailers.

“We see our partnership with Sarofim and the CRDF commitment to Primestor as an excellent opportunity to develop a number of income-producing assets while also helping us achieve our goal in rebalancing the portfolio,” said CalSTRS Chief Investment Officer Christopher Ailman. “By building toward core, we also avoid the often overheated core buying market.”

“The fact that this project involves a prominent real estate emerging manager with expertise in urban areas and specifically within Latino communities is a real strength,” Ailman said. “This relationship advances our effective efforts to search for investment opportunities in the underserved urban markets throughout California and specifically in retail.”

CalSTRS has been seeking quality California investments to realign its real estate portfolio toward a more conservative, or core, emphasis. Assets defined as core are frequently existing, substantially leased, income producing properties, in prime metropolitan markets. They typically include office, retail, industrial and multi-family residential assets. However, CalSTRS has had success in developing and leasing assets to be included in its core portfolio.”

Read more: CalSTRS Press Release

Johnson Controls Sells Battery Unit to Brookfield and CDPQ

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Brookfield Business Partners L.P. and Caisse de dépôt et placement du Québec (CDPQ), announced that they have reached an agreement whereby Brookfield and CDPQ will acquire 100% of Johnson Controls’ Power Solutions business for in a cash valued transaction valued at approximately US$ 13.2 billion. Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. Closing of the transaction remains subject to customary closing conditions including regulatory approvals. Closing is expected to occur by June 30, 2019. The seller is Johnson Controls International plc. The unit employees roughly 15,000 people.

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MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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