The Austrian retail mandate awarded by Germany’s largest pension fund Bayerische Versorgungskammer (BVK) has acquired a retail park in Vienna for €39m.
Earlier this year, BVK gave Blue Asset Management up to €250m to invest in Austrian retail property.
Tristan Capital Partners said its Curzon Capital Partners III (CCP III) fund sold the 26,000sqm FMZ Stadlau retail park to the fund managed for BVK on the Luxembourg alternative investment funds platform of Universal-Investment.
CCP III acquired FMZ Stadlau in September 2012.
Jean-Philippe Blangy, the managing director and head of asset management at Tristan Capital Partners, said: “Tristan has established FMZ Stadlau as a premier retail destination.
“By securing longer leases with institutional quality tenants, improving the infrastructure and capitalising on the strategic location with its excellent transport links, we successfully implemented our strategy by repositioning the multi-let property into a long-term core investment product with a weighted average lease term of over nine years.”
Norman Fackelmann, the head of real estate investment management at BVK, said: “We are very pleased with the second investment of our separately managed account, Retail Parks Austria, advised by Blue Asset Management.
”Austria stands out as an interesting investment market for this subsector. We especially like the defensive nature of food-anchored retail.”
BVK, which manages €72bn of assets, has awarded a number of markets and sector-specific real estate strategies in recent years as it diversifies its exposure.
In October 2016, BVK hired Corestate to invest €500m in European micro-apartments. Most recently, it hired USAA Real Estate Company to invest in US multifamily markets.
