Business Journal: CalSTRS Invests In South
The California State Retirement System is the largest investor in what could be a $600 million joint venture to buy or build industrial projects in the South.
Thursday, February 14, 2008
Sacramento-based CalSTRS, the nation’s second-largest public pension fund, wants to develop a long-term investment portfolio in fast-growing markets such as Atlanta, Dallas, Houston, Nashville, Orlando and Tampa. CalSTRS has committed at least $180 million – and could invest a total of $210 million in the project that will likely feature distribution and warehouse buildings. CalSTRS would represent 90 percent of the funding, allowing the joint venture to leverage financing for $600 million. CalSTRS already has an investment portfolio of $170 billion.