German pension fund Bayerische Versorgungskammer (BVK) has invested in the US logistics sector as part of its global real estate mandate with CBRE Global Investors.
Universal-Investment and CBRE Global Investors bought 50% stakes in three assets in Indianapolis for BVK.
The investments were made for a German spezialfonds launched and administered by Universal-Investment on behalf of BVK and CBRE Global Investors.
The three assets will be jointly-owned with NYSE-listed REIT Duke Realty.
Built over the past two years, the portfolio has an average remaining lease term of around 12 years.
The 219,000 sqm portfolio is BVK’s third deal with CBRE Global Investors, having invested in Seattle and Boston last year. The latter, 200 Cambridge Discovery Park, was reportedly bought for around $90m.
Alexander Tannenbaum, managing director of Universal’s real estate division, said it has now bought seven US assets for institutional investors, investing in Chicago, Beverly Hills and Austin in recent months.