The Teacher Retirement System of Texas has bought a Swedish shopping centre in a joint venture with CBRE Global Investors.
Texas Teachers co-invested alongside CBRE Global Investors’ European Shopping Centre Fund in the acquisition of the Valbo Köpcentrum in Gävleborg at a yield of 6.1%.
Florencio Beccar, fund manager at CBRE Global Investors, said it would look to unlock value at the 37,030 sqm centre through asset management and new tenants. The centre is 98% let.
“The scheme is full of potential,” he said.
CBRE Global Investors launched the closed-end, seven-year lifetime fund in 2010. The fund is, it said, now fully invested with seven assets totalling over €650m assets under management in Belgium, France, Germany, Poland and Sweden.
Texas Teachers has committed €86m to the fund for “partnership transactions”, while 26 investors have committed a total €305m of equity.
The companies bought the Stansen 1 retail warehouse north of Stockholm for a pan-European open-ended fund they jointly manage.
The 17,500 sqm property was bought with equity. The joint venture said the asset, which is being managed by Genesta, will provide “robust income”.
Also in Sweden, listed French property company Klépierre’s Steen & Strøm subsidiary has sold five shopping centres for SEK3.3bn (€354m). The portfolio was sold to Thon Retail Properties.