Bayerische Versorgungskammer (BVK), the €77bn manager servicing Germany's largest pension scheme group, has announced a move into Switzerland by acquiring a portfolio of properties anchored by retail tenants.
The acquisition was done via a Raif (Reserved Alternative Investment Fund), on the Luxembourg platform of Universal-Investment, with Schroder Real Estate acting as investment advisor and asset manager. UBS Switzerland is financing the portfolio.
The Raif invests primarily in Swiss and Austrial retail properties. Details of the value of the transaction have not been published.
Norman Fackelmann, head of Real Estate Management at BVK, said: "We are delighted to be entering the Swiss market and plan to manage the locations in close cooperation with the tenants in the long term. The acquisition is part of our growth strategy for our special real estate fund 'Retail Parks Austria/Switzerland' together with our partners Schroder Real Estate and Universal-Investment. The real estate special fund was launched at the beginning of 2018 and currently comprises 28 properties with a rental area of over 150,000 square meters."
BVK is a public authority under the Bavarian Ministry of the Interior. It acts as a joint executive body for 12 profession and communal pension schemes, covering some 2.3 million members, with contributions of €4.8bn and pension payments of €3.4bn annually.