Bayerische Ärzteversorgung (BÄV), the Bavarian doctors’ pension fund, has bought a mixed-use property in the Netherlands for €80m.

The building in Amsterdam was acquired by LaSalle Investment Management on behalf of BÄV, one of 12 institutions that make up Germany’s pension fund giant BVK. The deal is the first LaSalle has done for BÄV/BVK in Europe.

The deal comes a year after BVK awarded LaSalle a €500m mandate to invest in global real estate.

Claus Thomas, international director, client capital group at LaSalle said: “Although the focus of our acquisition efforts for this mandate is predominantly North America and Asia-Pacific, we believe this asset fits the strategy and complements the acquisitions that we already have made in Australia, Canada, and the US.”

Life Fund Syndication sold the 21,248sqm property in Jodenbreestraat as German institutional capital rediscovers its appetite for Dutch commercial real estate.

This week, Patrizia said it was investing €578m in a Dutch residential portfolio for a German pension fund, the largest deal in the sector’s history. Patrizia’s WohnModul I fund, set up for a German pension fund in 2012, will buy the 5,500-unit portfolio by year-end.

Savills, which advised LaSalle on the Jodenbreestraat deal, said the acquisition was Amsterdam’s second largest city centre deal since 2009, following Hamburg institutional HiH’s €90m purchase of Prins en Keizer earlier this year.

BVK, the Bavarian umbrella pension scheme for self-employed professionals, has close to €60bn in total assets and is ramping up its global real estate exposure.

It is currently investing in global real estate through a number of mandates, including two €500m global mandates by LaSalle and CBRE Global Investors, a pan-European core strategy managed by Invesco Real Estate, a global fund-of-funds strategy managed by UBS Global Asset Management, and two listed property strategies managed by LaSalle and Principal Global Investors.