New York State Teachers Retirement System is expected to make between $350m to $700m of commercial real estate debt net investment for the next five years in order to reach a 6% allocation target for the asset class.
The pension fund disclosed in a meeting document most of its recent commercial real estate debt transactions have been focused on apartments and industrial assets.
The investment plan will continue to evaluate lending opportunities in the life science sector and other high-conviction property types consistent with the real estate equity programme’s focus, NYSTRS said.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The strategy for the pension fund’s $7.8bn commercial real estate debt portfolio, includes core private debt, core public debt and non-core private debt.
NYSTRS recently provided a $130m mortgage on a 400-unit Scout on the Circle apartment complex in Fairfax, Virginia. The US property was developed in 2020 by Combined Properties.
The pension fund’s investment consultant Callan is also evaluating infrastructure debt opportunities to further diversify the pension fund’s portfolio.
Source: Real Assets IPE
Can’t stop reading? Read more
JPMorgan to arrange $6.5bn debt package for 3G Capital’s Skechers acquisition
JPMorgan to arrange $6.5bn debt package for 3G Capital’s Skechers acquisition JPMorgan is...
Ares targets $2bn+ for new Asia special situations fund amid regional credit expansion
Ares targets $2bn+ for new Asia special situations fund amid regional credit expansion Ares...
Partners Group and Sella launch Italy’s first evergreen private equity ELTIF fund for retail investors
Partners Group and Sella launch Italy’s first evergreen private equity ELTIF fund for retail...