CalSTRS Enters Into $200 Million Real Estate Joint Venture with Sealy & Company, Inc.Principal Real Estate Investors to act on behalf of CalSTRS in selecting industrial projects for development and acquisition DES MOINES, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, -- Principal Real Estate Investors announced today they will act on behalf of the California State Teachers' Retirement System in a new industrial joint venture with the real estate investment firm Sealy & Company, Inc. The joint venture will pursue a strategy involving the acquisition and development of industrial projects. Current equity commitments total approximately $200 million. The joint venture's primary objective will be the assemblage and development of a portfolio of institutional quality industrial properties. The properties are to be held for long-term income and appreciation. However, it will also pursue select transactions involving shorter holding periods. "This joint venture combines the vigor of a flourishing, entrepreneurial real estate operating company operating company A business that engages in transactions with outsiders. with the strengths of a successful global institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. ," said John Frandson, managing director-portfolio management, Principal Real Estate Investors. "Together, we expect the result to be a highly productive, well-capitalized acquisition and development partnership." Target markets for the partnership include Southeastern, South-central and Southwestern regions of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , including but not limited to Texas cities: Houston, Dallas, San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. and Austin; Atlanta, Ga.; Nashville, Tenn.; and Florida locations in Jacksonville, Tampa and Orlando. "Our business and working relationship with The Principal has been excellent over the years. This new venture will allow us to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the strengths we each bring to the venture," said Scott Sealy Scott Sealy (born June 4, 1981 in Chaguanas, Trinidad and Tobago) is a football (soccer) forward, who currently plays for the Kansas City Wizards of Major League Soccer. He played college soccer at Wake Forest from 2001 to 2004, where he played in 83 games, starting 73. , chairman of Sealy & Company. CalSTRS is the second-largest U.S. public pension fund, with over 800,000 members and beneficiary recipients and total assets of more than $180 billion. About Sealy & Company, Inc.: Sealy & Company is a real estate investment and operating company. Founded in 1946, the company employs nearly 100 people. Headquartered in Dallas, Texas and Shreveport, La., the company is a recognized leader in the acquisition, repositioning and ground-up development of regional distribution and industrial facilities. About Principal Real Estate Investors: Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. 1 and manages or subadvises $40.4 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group.[R] About the Principal Financial Group: The Principal Financial Group([R])(The Principal ([R]))2 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $306.0 billion in assets under management3 and serves clients worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors PFG PFG Principal Financial Group PFG Performance Food Group (Richmond, VA) PFG Pinnacle Financial Group PFG Plasma Flood Gun PFG Planning for Growth PFG Pasty Faced Geek PFG Perfluoroguanidine . For more information, visit www.principal.com. 1 Ranked by U.S. institutional tax-exempt assets, out of 50 managers profiled, as of June 30, 2007. "Real Estate Managers," PENSIONS & INVESTMENTS, Oct. 15, 2007 (a) As of Sept. 30, 2007. Principal Global Investors is the asset management arm of the Principal Financial Group [R] (The Principal [R])a and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ; Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management, Inc.; Morley Financial Services Inc.; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.; and the majority owned affiliates of Principal International, Inc. 2 "The Principal Financial Group" and "The Principal" are registered trademarks of Principal Financial Services, Inc., a member of the Principal Financial Group. 3 As of Sept. 30, 2007 |
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