The Teacher Retirement System of Texas has approved a $100m (€88.7m) commitment to the AEW Value Investors Asia II fund.

The manager is focusing on existing assets it can improve in Japan, Shanghai and South Korea, buying office, industrial, retail and residential assets.

AEW will make improvements to properties it acquires through the leasing up of empty space, physical upgrades and releasing.

The manager has invested $53m in the Dongyeouido building in Seoul, South Korea. 

The asset will be upgraded, with three lower floors converted into retail space.

AEW has also has paid $349m for a 268,000 sqft asset at 686 Jiujiang Road in Shanghai and Seoul.

The latter, the 394,000 sqft City Center Tower, is 74% let.

AEW plans to lease up the empty space going forward.

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