The Teacher Retirement System of Texas has bought a Swedish shopping centre in a joint venture with Global Investors.
Texas Teachers co-invested alongside CBRE Global Investors鈥� European Shopping Centre Fund in the acquisition of the Valbo K枚pcentrum in G盲vleborg 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.
鈥淭he scheme is full of potential,鈥� 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 鈧�650m assets under management in Belgium, France, Germany, Poland and Sweden.
Texas Teachers has committed 鈧�86m to the fund for 鈥減artnership transactions鈥�, while 26 investors have committed a total 鈧�305m of equity.
The deal was announced on the same day that and Investment Management revealed they had made their first retail acquisition in Sweden.
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 鈥渞obust income鈥�.
Also in Sweden, listed French property company Kl茅pierre鈥檚 Steen & Str酶m subsidiary has sold five shopping centres for SEK3.3bn (鈧�354m). The portfolio was sold to Thon Retail Properties.
