Teacher Retirement System (TRS) of Texas has approved a $50m (€47m) commitment to an opportunistic fund managed by US industrial real estate investment manager Faropoint.
TRS of Texas disclosed that it had committed capital to Faropoint Industrial SLB Fund, marking the pension fund’s inaugural investment with the fund’s manager.
Faropoint, which is seeking to raise $300m for Industrial SLB, had a $170m initial close for the fund that targets sale and leaseback opportunities.
Most of the properties placed into the fund will have an average lease term of 10 years. The assets will typically be infill properties located in core industrial markets in the US and range in size from 20,000 to 200,000sqft.
To read the latest IPE Real Assets magazine click here.
