Key Takeaways
- • PATRIZIA Immobilien AG has received an individual mandate from Bayerische Versorgungskammer (BVK) to act as investment manager for over EUR 400 million.
- • The mandate covers a pan-European portfolio of residential flats, with investments planned in existing residential real estate and new-construction project development, especially in the Netherlands and the Nordic Region.
- • BVK, Germany's largest public-law pension fund, manages approximately EUR 66 billion in capital for twelve pension facilities serving 2.1 million insured persons and pensioners.
- • PATRIZIA acquired a 1,275-flat portfolio across 23 locations in the Netherlands in March for the mandate, at a purchase price of around EUR 150 million.
Summary
PATRIZIA Immobilien AG has been awarded an individual mandate by Bayerische Versorgungskammer (BVK) to act as investment manager for more than EUR 400 million, according to the company's announcement. Under the mandate, PATRIZIA will establish a pan-European portfolio of flats of this magnitude for a BVK fund and will be responsible for the real estate as investment manager.
Jochen Reith, Group Head of Institutional Clients DACH at PATRIZIA, said the firm was pleased that one of Germany's largest institutional investors chose to leverage the company's competence as a European real estate investment company with local experts across relevant real estate markets. Investments are planned in both existing residential real estate and project development involving new construction, with a particular focus on the Netherlands and the Nordic Region.
BVK is the largest public-law pension fund in Germany, managing the business of twelve professional and local community old-age pension facilities with 2.1 million insured persons and pensioners. The fund manages a capital investment volume of approximately EUR 66 billion across all facilities.
PATRIZIA had already acquired a large Dutch residential portfolio for the new mandate in March. The portfolio comprises 1,275 flats in 27 building complexes at 23 locations, alongside four commercial units and more than 500 parking places. Most locations are in high-growth urban areas, many in the Randstad conurbation, with the main focus on Amsterdam, Zwolle and Dordrecht. The purchase price was around EUR 150 million, with sellers including several real estate funds managed by Holland Immo Group. The plan is to keep most of the flats in the portfolio, while some will be privatised.
Jochen Reith, Group Head of Institutional Clients DACH at PATRIZIA, said the firm was pleased that one of Germany's largest institutional investors chose to leverage the company's competence as a European real estate investment company with local experts across relevant real estate markets. Investments are planned in both existing residential real estate and project development involving new construction, with a particular focus on the Netherlands and the Nordic Region.
BVK is the largest public-law pension fund in Germany, managing the business of twelve professional and local community old-age pension facilities with 2.1 million insured persons and pensioners. The fund manages a capital investment volume of approximately EUR 66 billion across all facilities.
PATRIZIA had already acquired a large Dutch residential portfolio for the new mandate in March. The portfolio comprises 1,275 flats in 27 building complexes at 23 locations, alongside four commercial units and more than 500 parking places. Most locations are in high-growth urban areas, many in the Randstad conurbation, with the main focus on Amsterdam, Zwolle and Dordrecht. The purchase price was around EUR 150 million, with sellers including several real estate funds managed by Holland Immo Group. The plan is to keep most of the flats in the portfolio, while some will be privatised.
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