Bayerische Versorgungskammer (BVK) has invested £76.5m (€99m) in a UK shopping centre.

CBRE Global Investors and Universal-Investment bought the Lion Walk Shopping Centre in Colchester for the German pension fund.

Sovereign Centros and Ares Management sold the 205,000 sqft asset.

Tom Gamble, director at CBRE Global Investors, said: “Lion Walk provides us with an opportunity to secure a good-quality shopping centre in the prime pitch within Colchester.

“The town is forecast to see above-average population growth over the next decade.

“The scheme is already well let. However, we see further potential to improve the tenant mix and increase rents following the opening of Primark next year.”

CBRE GI said 86% of the asset’s rental income comes from multiple retailers including Marks & Spencer, BHS, New Look and River Island. 

A Primark store is due to open early next year.

BVK recently invested in an Australian office tower through CBRE Global Investors and Universal-Investment. 

The German pension fund for self-employed professionals bought the South Wharf office tower in Melbourne.

CBRE GI was awarded a global mandate by BVK in late 2013.