Texas Teachers commits $200m to value-added real estate
The $126.1 billion Teacher Retirement System of Texas has committed $200 million to CBRE Strategic Partners U.S. Value 7.
The move was confirmed by Juliana Fernandez Helton, communications specialist with Texas TRS.
The value-added fund, which is managed by CBRE Global Investors, launched October 2013 and has a fundraising goal of up to $1.5 billion. It had raised $944 million as of April 2014 and is targeting a final close in April 2015. The fund, which will use leverage up to 60 percent LTV, will purchase, reposition, lease and sell institutional-quality properties across the major property types in select “next-tier” U.S. markets. It is seeking a net return of 12.8 percent