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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

Russia-Japan Investment Fund to Back Wood Pellet Production in Russia

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The Russian Far East has a lot of timber, and for that wood pellets is a source of biofuel. A while back, the Russian Direct Investment Fund (RDIF) formed the Russia-Japan Investment Fund (RJIF) with the Japan Bank for International Cooperation (JBIC). RDIF and JBICIG Partners as part of RJIF, together with RFP Group and Japan’s Prospect Co., Ltd. have agreed to collaborate and consider potential investments in Russia’s biofuel industry. JBICIG Partners is a subsidiary of the Japan Bank for International Cooperation.

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RDIF Lures Asian Investors Toward Russian Surgical Robot Project

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The Russian Direct Investment Fund (RDIF) is partnering with a number of unnamed Asian co-investors to allocate capital toward a project to create and manufacture Russian surgical robots. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Oman Infrastructure Investment Fund Near Creation

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The Oman State General Reserve Fund is nearing the formation of the Oman Infrastructure Investment Fund. This fund will raise capital from third-party investors to invest in Oman’s infrastructure and in certain areas of technology.

The fund will also invest in areas of technology in healthcare, specifically in medical equipment. The fund will also explore investing in blockchain technologies.

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