Germany’s Bayerische Versorgungskammer (BVK) has increased its commitment to a multi-manager property mandate with UBS Asset Management by €250m.

The Bavarian umbrella pension scheme’s commitment takes its investment in the manager’s strategy to €1bn.

The BVK originally selected UBS Asset Management’s Global Real Estate-Global Multi-Managers (GMM) business to manage the global real estate multi-manager mandate in late 2011.

Since then, the original €500m mandate has been doubled, allowing UBS-AM GMM to continue to invest in primarily value-add and opportunistic real estate funds globally, including niche real estate and emerging markets on behalf of the BVK, the scheme for self-employed professionals in Germany, including doctors, lawyers and architects.

Eric Byrne, head of global multi-manager and securities at UBS, said: “This significant additional commitment from the BVK is testament to the strong relationship we have fostered since 2011, underpinned by our ability to source attractive investment opportunities, our sustained track record and the resulting growth we have achieved on the client’s behalf.”

The investment complements the BVK’s large portfolio of predominantly core direct holdings.