Bayerische Versorgungskammer (BVK), Germany’s largest pension scheme has acquired the Lenau Terrassen residential tower in Austria from Erste Immobilien for an undisclosed sum.
The 15,500sqm asset, comprising 167 two- and multi-room apartments, was acquired through a real estate fund established by Universal Investments on behalf of BVK in 2018. The fund now holds eleven residential and office properties in Austria.
Felix Becker, deputy head of real estate investment Europe at BVK, said that Austria is a central pillar of the European real estate strategy of the pension scheme because of high quality of life, the dynamic economic environment and the clear demand for modern, sustainable living space in the country.
“With the purchase of the ‘Lenau Terrassen’ in Linz, we continue to consistently focus on ESG-compliant urban residential projects. We will continue on this path and plan to specifically expand our investments in Austria,” Becker added.
Property consulting firm Zeha Real Estate acted as an intermediary in the transaction, while investment manager Values Real Estate advised BVK on the deal.
Roman Löbsch, MD of Values Real Estate, said: “The Lenau Terraces offers an attractive investment opportunity to expand the residential property portfolio in Linz. The property contributes to the diversification and expansion of the share of residential real estate in the portfolio (of BVK).”
Last year, Values Real Estate won a mandate from BVK for investment advisory and asset management services relating to the real estate portfolio of the pension scheme in Austria.
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