NYSTRS hires AEW for $250m domestic REIT allocation
February 2, 2022 | Jon Peterson |IPE & Real Assets
New York State Teachers Retirement System (NYSTRS) has hired AEW Capital Management as a domestic real estate investment trust (REIT) manager with a $250m (€221.9m) commitment, according to the pension fund’s meeting document.
The $135bn US state teachers pension fund told IPE Real Assets that it has decided to place more capital into REITs “to help move property sector allocations to our strategic plan targets. Initially, we expect to focus the new capital on residential due to our current portfolio underweight to the sector.”
AEW already manages a $420.8m global REIT portfolio for NYSTRS.
As reported in November last year, the pension fund expanded its $4.6bn REIT portfolio strategy with the hiring of managers Principal Real Estate Investors and Heitman as domestic REIT managers.
NYSTRS also disclosed in the meeting document that it has approved a $151.7m commitment to BentallGreenOak US Cold Storage, a $400m investment partnership backed by State of Michigan Retirement System and the State of Wisconsin Investment Board.
NTSTRS has also made a $75m commitment to the TA Realty Logistics Fund. The core open-ended US industrial fund had a net asset value of $194.9m at the end of 2021.
