Germany's BVK creates European logistics strategy via Universal

Bayerische Versorgungskammer (BVK) has bought a 71,000sqm German logistics portfolio through a newly created investment strategy with Universal-Investment.

On the recommendation of Invesco Real Estate, Universal-Investment has bought the portfolio of six logistics assets for the €72bn German pension fund manager.

The forward-funded transaction was made on behalf of a new mandate, which Universal-Investment manages as an alternative investment fund manager for Invesco’s long-standing client BVK.

The assets were acquired from the MP Holding and Isarkies Wohn- und Gewerbegrund joint venture for an undisclosed sum.

Steffen Pilopp, a fund management MD at Invesco said: “We’re delighted with BVK’s confidence in us as an investment advisor, and to be awarded a second advisory mandate.

“In addition to its existing core-mandate, the new investment strategy will focus on pan-European logistics.”

Fabian Manegold, senior transactions director at Invesco, said: “The regional diversification makes this a great initial portfolio for the new BVK mandate, and in addition, the portfolio benefits from high liquidity and its fundamentals such as location and size.”

The logistics portfolio comprises buildings in Maisach, Moosburg, Dingolfing, Neu-Isenburg, Nordenstadt and Weiskirchen. The assets will be completed between the end of 2019 and the beginning of 2020.

“As land for large scale logistics parks has become scarce around Munich and in the Rhine-Main area, large logistics schemes can make especially attractive investments as they tend to deliver premiums over smaller assets, spurred by rental growth and increasing demand from e-commerce business in the area, combined with a lack of quality supply,” Manegold said.

Christoph Kagerer, MD of Isarkies, said: “We are delighted with the successful sale of our six logistics properties at such an early stage of the project, this underlines the quality of our properties and the trust placed in our company.”

Steffen Pilopp, fund management MD at Invesco said: “We’re delighted with BVK’s confidence in us as an investment advisor, and to be awarded a second advisory mandate.”

Pilopp said in addition to its existing core-mandate, the new investment strategy will focus on pan-European logistics.

”It represents a significant next step in our long-standing relationship with BVK, recognising the strong track record we have delivered with our manage-to-core approach, our established local partnerships and deep knowledge of the European logistics market.”

Related images

  • Invesco Maisach

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2572

    Asset class: High Yield Bonds.
    Asset region: Global.
    Size: $200m.
    Closing date: 2019-11-27.

  • QN-2573

    Asset class: Real Estate.
    Asset region: Global.
    Size: CHF 150m.
    Closing date: 2019-12-06.

Begin Your Search Now