UNITED STATES - The California State Teachers Retirement System (CalSTRS) has awarded a $100m (€81.3m) allocation to Thomas Properties Group.
Officials for the pension fund said Thomas Properties could invest some of the new capital in an existing portfolio CalSTRS owns with the manager, covering tenant improvements, capital improvements, debt repayments or debt purchases for properties owned by the joint venture.
Thomas Properties may also use portion of the allocation to buy new office buildings for the venture.
CalSTRS and Thomas Properties have had been involved in their joint venture since 2003.
During that time, the pension fund has committed $387.5m of equity.
The capital has been used to acquire office buildings across the US, including markets such as southern California, Houston and the East Coast.
The ownership split of assets is 75% CalSTRS, 25% Thomas Properties.