Germany’s largest pension scheme Bayerische Versorgungskammer (BVK) has acquired a retail portfolio as its debut investment in Switzerland.
BVK, through Universal-Investment, has bought the geographically diversified portfolio of fourteen assets asset from a family office for an undisclosed sum.
The asset was acquired by a fund administered by Universal-Investment on its alternative investment funds platform in Luxembourg. The fund invests primarily in Swiss and Austrian retail properties.
The deal was arranged by Schroder Real Estate as investment advisor and asset manager.
Universal-Investment said the portfolio will be financed on a long-term basis by UBS Switzerland.
Norman Fackelmann, head of real estate management at Bayerische Versorgungskammer, said: “We are delighted to be entering the Swiss market and plan to manage the locations in close cooperation with the tenants in the long term.
“The acquisition is part of our growth strategy for our special real estate fund ‘Retail Parks Austria/Switzerland’ together with our partners Schroder Real Estate and Universal-Investment.”
The real estate special fund was launched at the beginning of 2018 and currently comprises 28 properties with a rental area of over 150,000sqm, Fackelmann said.
Duncan Owen, global head real estate at Schroders, said: “We are pleased about the positive development and that the expansion of the cooperation in the retail parks segment now also extends to Switzerland.”