Bayerische Versorgungskammer (BVK) has launched a global REIT fund and has hired two managers to run the β¬300m strategy.
Principal Global Investors and LaSalle Investment Management will each manage β¬150m.
The β¬59bn BVK, Germanyβs largest occupational pension fund, has decided to invest in listed real estate investment trusts as part of a move to diversify its real estate investments.
Norman Fackelmann, head of real estate investment management at the self-employed professionals scheme, told IP Real Estate that βfirst investments have already been madeβ.
Last year, BVK and CBRE Global Investors two separate β¬500m mandates to invest globally in non-listed real estate.
BVK is also working on an infrastructure debt vehicle with two banks. The scheme set up a Luxembourg-based fund for infrastructure debt, co-financing loans for a gas pipeline through Germany and a Dutch prison, worth β¬20m-70m each.
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