U.S. Republic Core Fund Announces Co-Investment with Teacher Retirement System of Texas
U.S. Republic Core Fund, an affiliate of USAA Real Estate Company, announced an agreement with the Teacher Retirement System of Texas (“TRS”) to co-invest in core and core plus office, retail and multi-family assets across the United States. The partnership is designed to provide stabilized income and growth through investments in core properties.
TRS currently administers a pension trust fund, valued at more than $88 billion, that provides service and disability retirement, as well as death and survivor benefits, to eligible Texas public education employees and their beneficiaries. The venture with USAA, executed through a dedicated co-investment separate account, will target key U.S. markets with attractive business and growth potential located in the 50 largest Metropolitan Statistical Areas.
“Shared core values of integrity and diversity as well as a focus on capital preservation, income generation and capital appreciation make The Teacher Retirement System of Texas and USAA good investment partners, and we look forward to a very successful relationship,” says Pat Duncan, Chairman and CEO of USAA Real Estate Company.
Total equity of the program is targeted at $233 million, achieving an aggregate portfolio exceeding $300 million in gross asset value long term. The Fund, along side of other USAA strategic partners, has recently acquired a large portfolio of eight Class A core grocery-anchored community shopping centers in major markets across the U.S.
Britt Harris, Chief Investment Officer of TRS, notes “We are also pleased to announce our partnership with USAA Real Estate Company. USAA has a proven track record of creating value through disciplined investments and strong operations. We look forward to expanding our core portfolio and receiving solid returns for our beneficiaries through this long-term relationship.”
About Teacher Retirement System of Texas:
TRS delivers retirement and related benefits authorized by the Texas Legislature and manages an $88.7 billion trust fund established to finance member benefits. Nearly 1.3 million public education and higher education employees and retirees participate in the system. For more information, visit 222.trs.state.tx.us.
About USAA Real Estate Company:
USAA Real Estate Company, with approximately $5 billion assets under management, provides fund and separate account investments in office, industrial, retail and multi-family sectors for domestic and foreign pension plans and other institutional investors. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.