The California Public Employees' Retirement System (CalPERS) has transfered its CalEast Global Logistics industrial real estate portfolio, valued at $1.9 billion, to GI Partners and RREEF according to a CoStar report. "We have confidence in GI Partners and expect excellent performance from the CalEast portfolio going forward, given their strong returns since they joined our real estate program in 2001," said Ted Eliopoulos, CalPERS Senior Investment Officer, Real Estate. "RREEF's success with CalWest and their global breadth and expertise will be valuable in managing CalEast's European assets."
CalPERS made the transition as part of a strategy to restructure its real estate and shift assets to managers. CalEast was previously managed by LaSalle Investment Management while RREEF has managed CalWest Industrial Properties for CalPERS since 1998.
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