Texas Teachers backs CBRE Global Investors' European value-add fund
Teacher Retirement System of Texas is one of the first investors in CBRE Global Investors’ latest European value-added real estate fund.
The $133bn (€117bn) pension fund confirmed to IPE Real Estate that it committed €89.7m to the CBRE Europe Value Partners 2 last month.
According to sources that track fundraising, CBRE Global Investors hopes to raise $1bn.
CBRE Global Investors did not comment.
Texas Teachers said the fund will invest offices, apartments, industrial and retail assets, and is likely to target France, the UK Belgium, Germany, Spain and Italy.
It will consider existing assets and development projects.
Texas Teachers has also given Principal Real Estate Investors $230m to invest in US real estate.
The pension fund approved a $230m commitment to the Strategic Real Estate Equity Fund II, which will be managed exclusively for Texas Teachers.
Principal Real Estate Investors, which will be investing in a variety of property types, did not comment.