LaSalle Investment Management has bought a Chicago office property for Germany’s largest pension fund group BVK.
The investment manager said it had bought 101 North Wacker Drive from Hines on behalf of BVK’s Bayerische Ärzteversorgung (BÄV) umbrella fund for doctors, lawyers and architects.
BVK awarded LaSalle a €500m mandate to invest in global real estate last year. The mandate, said Norman Fackelmann, head of property investment management at BVK, would complement its existing core portfolio, and help diversify it further.
In July, BÄV bought a mixed-use property in the Netherlands for €80m. The Amsterdam building was the first to be bought by LaSalle for the fund in Europe.
The latest deal in Chicago is for a 24-storey, 600,000sqft building that has been given a $12m (€9.27m) renovation. The property is 90% let to several tenants.
BVK already invests in real estate through a number of mandates, including a pan-European core strategy managed by Invesco Real Estate, and a global fund-of-funds strategy managed by UBS Global Asset Management.