GERMANY – The Bayerische Versorgungskammer (BVK) and the Versorgungswerk for doctors in Saxony (SAEV) have widened their real estate investment scope with major mandates.

The €60bn BVK has awarded a €500m mandate to CBRE Global Investors to set up a separate global commercial property account.

The real estate company confirmed it was the first global separate account its direct business platform has won.

It added that the BVK had awarded the mandate "in a bid to diversify its exposure to the asset class, targeting property types across geographies, capital structures and risk profiles".

This is the third major announcement by the BVK regarding its real estate portfolio within only a few days after its joint venture on credit financing with Deutsch Hypo and its refinancing of the Tower 185.

Meanwhile, the €2.5bn Sächsische Ärzteversorgung (SAEV) has awarded real estate company Internos a mandate to invest up to €200m in European hotel value-add opportunities.

Internos said: "The acquisitions will be funded with €100m of equity and up to 50% debt, allowing hotel investments of up to €200m."

The acquired hotels are to be sold within a 3-5 year horizon, and Internos expects the first purchases to be made over the next 18-24 months.

Internos acquired Commerz Real's Spezialfonds business over the summer.

The mandate awarded to Internos is the second one within a master-fund structure administered by Institutional Investment Partners (2ip).