Teacher Retirement System (TRS) of Texas is investing $1.5bn (€1.35bn) in industrial real estate through investment manager Bridge Industrial.

TRS of Texas disclosed in a meeting document that the commitment, once finalised, will represent a first-time relationship with Bridge.

TRS of Texas, which ranks 20th on IPE Real Assets Top 150 real estate investors 2023 rankings, requires board approval for new commitments that exceed 0.5% of total plan assets.

The $183.5bn pension fund had a $30bn real estate portfolio, according to the league table published by IPE Real Assets in May.

TRS of Texas did not respond to a request for details regarding the new relationship with Bridge.

Founded in 2000, Bridge is a real estate operating company and investment manager focused on the development and acquisition of industrial properties in supply-constrained core markets in the US and the UK.

The company has a history of managing investment vehicles and investing capital in build-to-core, value-add, and core-to-core-plus strategies.

According to Bridge’s website, the manager has a total transaction volume of $15.1bn covering 72m sqft and has acquired or developed 268 buildings.

Bridge did not respond to a request for comment.

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