US - The California State Teachers' Retirement System (CalSTRS) has allocated US$200m (€134.5m) for a joint venture with real estate investment firm Sealy & Company.
John Frandson, managing director-portfolio management at Principal Real Estate Investors, which is acting on CaLSTRS behalf, said: "This joint venture combines the vigor of a flourishing, entrepreneurial real estate operating company with the strengths of a successful global institutional investor."
Target markets for the partnership included south-eastern, south-central and south-western regions of the US.
Scott Sealy, chairman of Sealy & Company, added: "Our business and working relationship with the Principal has been excellent over the years. This new venture will allow us to capitalise on the strengths we each bring to the venture."
In other real estate news, Phoenix Realty Group (PRG) has announced the closing of its $470m investment in urban real estate funds.
Investors in this latest round of funding included the New York State Common Retirement System, the New York City Employee Retirement System and TIAA-CREF Global Social and Community Investments.
These latest fund closings now bring the total PRG urban fund capitalisation to $725m, which is being leveraged to create $3.5bn in market-rate rental and for-sale housing, mixed-use properties, and commercial developments in urban and infill areas nationwide.
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.