The Teacher Retirement System of Texas (TRS) will reportedly invest $1.1bn in real estate between three different firms. The system has made $400m commitments to JP Morgan Strategic Property fund and a $200m allocation to the Forum Asian Realty Income III. The final commitment made by the pension fund is a $500m pledge to General Growth Properties. This investment in GGP represents one third of the $1.5bn debt offering GGP committed to raising as part of its deal to receive more than $9bn from the combined recapitalization efforts of Brookfield Asset Management, Pershing Square Capital Management and Fairholme Funds. “We feel that investing in real estate diversifies our portfolio and provides a good risk-adjusted return,” TRS spokesman Howard Goldman told HousingWire. “We invest globally. No MBS investments.” The pension fund looks to continue to generate double digit returns with its investments. Texas TRS has previously invested in public real estate companies, including Camden Properties Trust, Parkway Properties, AMB Properties and ProLogis. Write to Christine Ricciardi.
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