Andreas Steimel has been appointed interim head of the real estate investment arm of Germany’s largest pension scheme, Bayerische Versorgungskammer (BVK).
Steimel steps in following a period of leadership transition, marked by the departures of longtime real estate head Rainer Komenda last July and division head Norman Fackelmann in October.
Steimel brings over 25 years of experience in the real estate sector, including 16 spent at PIMCO Prime Real Estate. He served recently as chief operating officer at PIMCO Prime Real Estate and was responsible for change management and transformation, IT, legal and compliance, HR and for business continuity, while building up experience leading the global crisis management team.
At PIMCO, Steimel was also responsible for the structuring of closed-end national and international real estate funds and investment structures in the US.
According to the €117bn German pension fund, Steimel’s appointment is a key step in a strategic package launched in December to address specific challenges within its US real estate portfolio.
BVK said US real estate investments made between 2018 and 2020 will be “systematically reviewed”.
In a December statement outlining the search for a new head, BVK said that the manager would be tasked with conducting an independent review of existing procedures and refining processes as needed.
BVK invested roughly €1.6bn in US property ventures alongside Michael Shvo and Deutsche Finance, but the portfolio has faced losses. On top of a €163m write-down in 2024, the fund now expects further potential losses reaching €690m.
Chair Axel Uttenreuther said: “Andreas Steimel has excellent knowledge of the international real estate environment, particularly in the US. I am convinced that he will provide sound support to colleagues in real estate investment, strengthen them in a targeted manner, and at the same time set valuable new impulses.”
Steimel said: As a leader, strategic thinking, empathy, and clear decision-making are always central to my actions. Especially in times of change, I want to contribute with my management and transformation expertise and thus contribute to the success of the pension fund.”
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