AXA Real Estate Investment Managers today announces that it has been appointed by The Teacher Retirement System of Texas, the largest public retirement system in Texas, US, to manage a new €135 million investment mandate, targeting value-add investment opportunities in Europe.
The mandate will predominately focus on mainstream value-add investments primarily in Northern Europe.
TRS delivers retirement and related benefits authorized by the Texas Legislature and currently manages approximately $120 billion trust fund established to finance member benefits. It is the sixth largest public pension plan in the U.S. and among the 20 largest funds in the world. More than 1.3 million public education and higher education employees and retirees participate in the system.
Pierre Vaquier, Chief Executive Officer of AXA Real Estate, commented: “An increasing number of US institutions are seeking exposure to value accretive investment opportunities in Europe and this new mandate underlines AXA Real Estate’s capacity to fulfil that demand by bringing real estate expertise to U.S. investors and to deploy US capital in Europe. It is also one of our key strategic priorities to leverage the expertise of AXA Real Estate’s market leading European real estate investment and asset management platform, both for the benefit of our clients as well as to enable us to organically grow a truly global footprint. This new mandate demonstrates our ability to achieve both these objectives.”
Olivier Thoral, AXA Real Estate’s Head of North America added: “To win this US-into-Europe investment mandate from such a highly respected large scale investor as TRS is a huge endorsement of the progress we have made in establishing our business in the United States.”
Source: AXA Real Estate