NOVEMBER 30, 2012

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CalSTRS invests $650 million in real estate

by Sara Kassabian, Andrea Waitrovich

The $155.4 billion California State Teachers’ Retirement System (CalSTRS) has committed $400 million to four funds and formed a $250 million joint venture. CalSTRS’ largest commitment was $125 million to TPG/CalSTRS, a 50-50 value-added joint venture between Thomas Properties and the pension fund. The partnership was formed in September 2012 when the two firms acquired eight office properties in downtown and suburban Austin. The 3 million-square-foot portfolio was purchased from TPG-Austin Portfolio Syndication Partners for $859 million. CalSTRS also made a follow-on investment in TriGate Capital’s opportunistic fund series. It approved a $100 million commitment to TriGate Property Partners II, a $300 million fund that focuses on direct investment in the distressed debt and equity of existing assets in the United States. The fund has raised $180 million in capital as of Nov. 28. In November, TriGate Property Partners II acquired a four-property r

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