German pension fund Bayerische Versorgungskammer (BVK) has invested in Asia for the first time as part of its global real estate mandate with CBRE Global Investors.
Universal-Investment and CBRE GI bought an office building in Osaka, the first investment for BVK in Asia and its fifth investment for the mandate globally.
The investment managers said the deal was in the “triple-digit-million-euro range”.
The 21-storey property, in Osaka’s central business district, was sold by Tokyo-listed Seiko Epson Corporation.
Alexander Tannenbaum, real estate managing director at Universal, said: “German institutional investors are expanding and internationalising their real estate allocations next to their traditional German investments.
“Alongside US real estate assets, Asian properties are particularly sought-after right now.”
Universal-Investment and CBRE GI recently bought 50% stakes in three assets in Indianapolis for BVK.
They will own the three assets jointly with NYSE-listed REIT Duke Realty.