UC unveils $2B real estate plan

 

University of California's investment office unveiled its plan to invest around $2B to buy or finance buildings near its 10 campuses.  In January, Blackstone REIT (BREIT) announced it received a $4B investment from the University of California.  According to a summary prepared for the university's Board of Regents meeting, the university plans to acquire the properties at market rates and manage them through an in-house team. Funds for the new real estate plan will come from the university's pension and endowment pools, which together have $100.8B as of Dec. 31.  The university's investment in BREIT was criticized, blaming Blackstone for aggravating the state's housing crisis and pushing students into homelessness.  A group of university workers plans to protest, demanding it to divest from Blackstone.