The €77bn German pension investor Bayerische Versorgungskammer (BVK) has invested in an office complex in China’s capital city.
The acquisition which was done through Universal Investment, in cooperation with an unnamed Asian asset management firm, involved the buying of the two office towers and a small retail podium for an undisclosed sum.
Universal Investment said the fully-leased office complex in Beijing offers around 22,000sqm of office and retail space. The office complex is part of a development project completed in 2018.
Axel Vespermann, managing director of real estate at Universal-Investment, said: “We are delighted that it has been possible to complete this transaction although the current pandemic situation and that we are able to increase our footprint in the Chinese market.”
Universal Investment, which has been acquiring real estate for institutional investors in Asia over the past years, said it now plans to develop its first branch office outside of Europe in Asia.
Marcos J Joos, regional head Asia at Universal Investment, said: ”We see tremendous potential for all asset classes in the Asian market and want to be closer to the transactions.
”The location of the branch, as well as the launch of the local operations, is dependent on the licencing process with local authorities.”
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