Bayerische Versorgungskammer (BVK), the €72bn German pension fund manager, is to invest €1bn in Austrian real estate through local developer Signa.

The mandate to develop a portfolio of residential and commercial property in Austria was awarded to Signa Financial Services through a tender process.

Universal-Investment has created a fund for the mandate which will initially acquire four residential projects around Vienna from Signa’s development portfolio.

The projects are intended to deliver more than 900 units, encompassing 56,000sqm of rental space.

Housing complex 5in22 in Donaustadt is expected to be transferred to the fund this month. Donaumarina 1 and 2 are scheduled for mid-2020, and Wohnen am Schweizergarten, a high-rise tower adjacent to Vienna Central Station, will be completed by the end of 2020.

The fund will invest in more residential and commercial assets, including office and retail properties.

These can include more Signa developments as well as projects and assets acquired in the market.