New York State Teachersβ Retirement System (NYSTRS) has invested $370m (β¬353m) in EDENS, increasing its ownership of the operator of shopping malls to about 40%.
NYSTRS has been investing in EDENS since 2000. The decision to increase its stake in the company coincided with the sale of another shopping-centre platform, Donahue Schriber, by NYSTRS and JP Morgan Global Alternatives, as reported last month.
βOn a net basis, NYSTRS is actually reducing its retail exposure with the sale of the Donahue Schriber platform,β the $148bn pension fund told ΒιΆΉΣ³» Real Assets.
βNearly all of our retail exposure remains in the grocery-anchored neighbourhood centre space, which has continued to have strong market fundamentals.β
NYSTRS said the sale of Donue Schriber to First Washington Realty generated a net internal rate of return 9.6% and a 2.5x equity multiple.
NYSTRS also revealed it had made a number of commitments to real estate funds, including a β¬270m investment in Aermont Capital Real Estate Fund V, which invests in Europe.
βWe believe European assets provide a value opportunity in this part of the cycle,β NYSTRS said.
βAermont has a history of finding unique and successful opportunities irrespective of the market.β
The pension fund also committed $150m to Cabot Industrial Core Fund III, $100m to Artemis Fund IV and $83m to the BentallGreenOak US Cold Storage investment partnership.
