Investors - JULY 9, 2015

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Texas Teachers commits $450m to real estate

by Zoë Wolff

The Teacher Retirement System of Texas has committed $450 million to three real estate funds.

The $132.4 billion pension fund has committed $200 million to CBRE Wood Partners Development Fund IV, $100 million to Principal Green Property Fund II and $150 million to Principal Green Property Fund Sidecar II.

CBRE Global Investors recently held a first close for Fund IV. The multifamily development fund has raised $204 million of its $400 million target. The fund is seeking a 16 percent return by developing, leasing up and selling apartment properties.

Texas TRS has previously committed to funds with CBREGI and Principal Real Estate Investors.

The pension fund has a 16 percent target allocation to real estate and a 12.1 percent actual allocation.


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