Bayerische Versorgungskammer (BVK) has launched a global REIT fund and has hired two managers to run the €300m strategy.

Principal Global Investors and LaSalle Investment Management will each manage €150m.

The €59bn BVK, Germany’s largest occupational pension fund, has decided to invest in listed real estate investment trusts as part of a move to diversify its real estate investments.

Norman Fackelmann, head of real estate investment management at the self-employed professionals scheme, told IP Real Estate that “first investments have already been made”.

Last year, BVK awarded LaSalle Investment Management and CBRE Global Investors two separate €500m mandates to invest globally in non-listed real estate.

BVK is also working on an infrastructure debt vehicle with two banks. The scheme set up a Luxembourg-based fund for infrastructure debt, co-financing loans for a gas pipeline through Germany and a Dutch prison, worth €20m-70m each.

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