Texas Teachers commits $465m to high-yield real estate
The Teacher Retirement System of Texas has committed $465 million to high-yield real estate, divided between three managers, according to Juliana Fernandez Helton, communications specialist with the retirement system.
Texas TRS committed $200 million to Westbrook Real Estate Fund X, an opportunistic fund that launched last summer and is looking to have a $2 billion final close by September 2015. The fund had a $693 million first close at the end of January.
Westbrook’s Fund X targets a gross return of approximately 15 percent by investing in office, hotel, residential land, industrial and retail assets in selected coastal markets in the United States, such as Boston, Los Angeles, New York City, San Francisco and Washington, D.C., as well as global gateway cities such as Berlin, Frankfurt, London, Munich, Paris and Tokyo.