Poba’s new Calstrs JV offers shortcut to US property alts

There are multifaceted gains in the latest property investment commitment from Korea’s Public Officials Benefit Association (Poba). Poba and California State Teachers’ Retirement System (Calstrs) agreed on January 16 to set up a $312.5 million joint venture (JV) into equities in US multifamily residential real estate. For Jang Dong-Hun, Poba’s chief investment officer, the JV investment will bring more diversification to the asset owner’s real estate portfolio. Until recently it…