TRS manages one of largest and most successful U.S. pension funds. Nearly 1.3 million public education and higher education employees and retirees participate in the fund, which has $96.7 billion under management.

Steve LeBlanc, senior managing director of private markets for The Teacher Retirement System of Texas, says in a press release that the investment in GGP offers a “unique opportunity to obtain a significant position in a large and diversified portfolio of high-quality assets with a solid capital structure, an excellent management team and clear operating strategy.” He adds that investing in GGP is consistent with TRS’s strategy of making well-diversified investments designed to produce solid long-term results while managing risks appropriately.

Earlier this year, TRS formed a joint venture with Houston-based Lionstone Group to invest up to $250 million of equity in office, multifamily, retail and industrial properties. The partnership expects to acquire properties using as much as 50% debt, which means the venture will have the ability to buy roughly $500 million of real estate. It is not focused on any particular markets or regions.

UBS Investment Bank and Miller Buckfire & Co. LLC served as financial advisors to GGP, while Weil, Gotshal & Manges LLP acted as legal counsel to the company on the transaction.

TRS did not return GlobeSt.’s phone call, and GGP could not meet GlobeSt.’s deadline for additional information about the transaction.