Bayerische Versorgungskammer (BVK), Germany’s largest pension fund, has hired Schroders Capital to manage a €780m property portfolio previously managed by Corestate Capital.

Schroders Capital said its real estate arm is being appointed investment adviser and asset manager for the 90-property real estate portfolio in Germany held in a fund administered by Universal Investment on behalf of BVK.

The properties are in established locations in medium-sized and small German towns and have a dominant retail focus, which is further complemented by a residential and office component, Schroders said.

BVK, which confirmed Corestate as the previous manager of the €780m portfolio, declined a request for further comment. The pension fund first hired Corestate for the mandate in 2017.

Corestate declined a request for comment.

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