Texas Teachers commits a total of $400m to real estate
The Teacher Retirement System of Texas has committed $200 million each to two real estate funds.
TRS invested in CBRE Strategic Partners U.S. Value 8,managed by CBRE Global Investors. The value-added, closed-end fund will focus on investments in major and secondary U.S. markets, focusing on class A office, industrial, retail and multifamily properties. The fund has raised more than $606 million in equity commitments to date but is not expected to have a final close until mid-2017.
TRS committed $200 million in predecessor fund CBRE Strategic Partners U.S. Value 7 in May 2014.
And the second investment was to ZEI Co-Invest 1 Fund, known as ZEI Asia Fund, managed by Equity International. The opportunistic ZEI fund will co-invest alongside other capital in over $2 billion of Asian logistics real estate pr