CalSTRS has set up to 15% target for REIT with its $31.4bn real estate portfolio. : California State Teachers Retirement System (CalSTRS) has hired Principal Real Estate Investors as its first real estate investment trust (REIT) manager. The $229bn pension fund told IPE Real Assets that it has awarded a $100m (€89.2m) account, which it said would provide “liquidity for the real estate portfolio” and is “part of the real estate industry in which CalSTRS had not yet invested in”. At the end of last year, the pension fund’s real estate portfolio stood at $31.4bn.