California State Teachers Retirement System (CalSTRS) and DivcoWest Real Estate Services have extended their relationship to allow the pension fund acquire up to $300m (€250.2m) worth of properties in the US.

Mike DiRe, director of real estate at CalSTRS, said: “We continue to commit capital to DivcoWest not only because of our partnership’s financial success, but because they’ve earned our trust over a long period of time.

“We benefit from DivcoWest’s expertise and leadership in providing and managing commercial space to the innovation and technology communities.”

The duo have a 15-year investment history. DivcoWest has put more than $1.5bn committed by CalSTRS into various investments structured as commingled funds, joint ventures and separate accounts.

The investment strategy for the new joint venture will be to invest in core and core plus assets. 

The assets to be acquired will be focused on commercial real estate opportunities. Most of this is likely to be with office buildings or R&D assets.

Stuart Shiff, founder and chief executive officer at DivcoWest, “We are so appreciative for our relationship with CalSTRS and will strive to continue to deliver results that we deserve the faith and trust that they have shown in us as a partner.”