German BVK invests in Switzerland for the first time
Bayerische Versorgungskammer (BVK) and Universal-Investment acquire a retail portfolio from a family office. This is BVK's first investment in Germany.
The portfolio is geographically diversified and consists of 14 "established properties with leading retail tenants as anchors," according to a statement from BVK and Universal-Investment. The transaction was arranged by Schroder Real Estate as investment advisor and asset manager; the portfolio will be financed long-term by UBS. Confidentiality has been agreed on the transaction volume.
The portfolio was acquired by the Retail Parks Austria/Switzerland investment fund, which was launched on Universal-Investment's Luxembourg AIF platform for Bayerische Versorgungskammer as a RAIF. The fund reportedly invests in "high-quality" Swiss and Austrian retail properties that primarily serve the local and basic needs of the relevant catchment area.
According to Norman Fackelmann, head of real estate management at BVK, the fund was launched at the beginning of 2018 and currently comprises 28 properties with more than 150,000 sqm of leasable space. "We are excited about entering the Swiss market and plan to manage the sites in close cooperation with the tenants over the long term," Fackelmann added.
According to its own information, BVK is the largest public-law pension group in Germany. It manages the business of twelve legally independent professional and municipal pension schemes and administers an investment volume with a current book value of 77 billion euros. (ah)
