Teachers’ Retirement System of the State of Illinois has allocated $850m (€647m) for real estate, with Invesco Real Estate gaining a $300m mandate.

A further $550m will be invested in funds, with capital diversified by risk and geography.

Illinois said its plan for next year includes the mandate for Invesco to invest in US real estate. Invesco, which currently manages a $671m real estate portfolio for Illinois, will invest in core and value-add properties. Invesco did not comment.

Invesco has full investment discretion, without needing approval from Illinois. The mandate will allow Invesco to invest in the office, industrial, retail and apartments sectors.

Core, value-add and opportunistic real estate in Europe, Asia and the US will be targeted with the remaining $550m.

The commingled funds could have an investment strategies that are considered core, value-added or opportunistic. The funds could be focused on single property types or invest in diversified portfolios across the US, Europe or Asia.

Illinois Teachers had an existing real estate portfolio valued at $5.6bn with a total investment portfolio of $45.3bn at end of June.

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