Germanyβs largest pension fund Bayerische Versorgungskammer (BVK) has hired , Investment Management and B&I Capital to manage real estate investment trust (REIT) portfolios.
Cohen & Steers has been selected to manage US and European portfolios, Timbercreek has been given the mandate to manage a portfolio of European-listed REITs and B&I has been awarded an Asia REIT mandate, the managers announced.
Cohen & Steers said the portfolios will be launched and administered by alternative investment manager Universal-Investment as specialised investment funds in Luxembourg.
Marc Haynes, Cohen & Steersβ regional head of institutional business, said: βThis mandate demonstrates the growing interest in listed property in Germany and expands our leadership as a global REIT manager.
βInstitutional investors globally are embracing listed real assets to complement their private investment programmes, and we stand well positioned to support this secular shift.β
Timbercreek said it will co-manage the fund with Universal-Investment.
Corrado Russo, senior managing director, investments and global head of securities, said: βOur mandate with BVK will leverage our teamβs deep experience and long-term track record in REIT investing.
B&I Capital AGβs CEO and co-founder Charles Isaac said the mandate was awarded as part of a tendering out of various regional and global REITs mandates by BVK and that B&I looks forward to furthering an already positive relationship with BVK and its service providers.
The mandate is set-up by Universal-Investment, which is also administering the fund, B&I said.
