Lend Lease Real Estate Investments has formed Lend Lease Global Properties, a Luxembourg-based global real estate opportunity investment company, which will invest internationally. It has already raised $255 million, which gives it $500 million for investments using leverage. New York State Teachers Retirement System, Albany, approved a commitment of up to $50 million in the new fund at its October board meeting, said a spokeswoman for the $71 billion fund. Lend Lease has co-invested $50 million. The new funds first commitment is an office campus development four miles north of Heathrow Airport in London.