US property developer TMG Partners has been awarded a $220m (€198m) separate account by a foreign investor to invest in real estate in the San Francisco Bay Area.
TMG said the latest investment – which follows a $165m venture it formed with the unnamed investor four years ago – provides the firm with $625m of investment capacity when including leverage.
The capital will be invested in value-add office, R&D and mixed-use assets, including existing properties and developments.
Michael Covarrubias, chairman and CEO of TMG Partners, said: “The separate account follows a successful $165m venture we formed with this investor four years ago.
“We’re grateful for the trust and confidence our capital partner continues to place in the TMG team and in our deployment of the account.”
Matt Field, TMG’s President, said: “The Bay Area remains the country’s most competitive real estate investment market.
”This capital will allow us to continue as a market leader and respond to opportunities with remarkable speed.”
A previous version of this story misstated the amount awarded to TMG Partners. It also incorrectly stated that TMG will have full investment discretion over acquisitions, management and dispositions for the relationship.