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.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.