Germany’s largest pension fund Bayerische Versorgungskammer (BVK) has hired Cohen & Steers, Timbercreek Investment Management and B&I Capital to manage real estate investment trust (REIT) portfolios.
Cohen & Steers has been selected to manage US and European portfolios, Timbercreek has been given the mandate to manage a portfolio of European-listed REITs and B&I has been awarded an Asia REIT mandate, the managers announced.
Cohen & Steers said the portfolios will be launched and administered by alternative investment manager Universal-Investment as specialised investment funds in Luxembourg.
Marc Haynes, Cohen & Steers’ regional head of institutional business, said: “This mandate demonstrates the growing interest in listed property in Germany and expands our leadership as a global REIT manager.
”Institutional investors globally are embracing listed real assets to complement their private investment programmes, and we stand well positioned to support this secular shift.”
Timbercreek said it will co-manage the fund with Universal-Investment.
Corrado Russo, senior managing director, investments and global head of securities, said: “Our mandate with BVK will leverage our team’s deep experience and long-term track record in REIT investing.
B&I Capital AG’s CEO and co-founder Charles Isaac said the mandate was awarded as part of a tendering out of various regional and global REITs mandates by BVK and that B&I looks forward to furthering an already positive relationship with BVK and its service providers.
The mandate is set-up by Universal-Investment, which is also administering the fund, B&I said.
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