German pension fund Bayerische Versorgungskammer (BVK) has invested in a German office portfolio via investment managers Quest Funds and Universal-Investment.
The investment managers have bought the Urban Office RE portfolio of four properties located in Berlin, Hamburg, Frankfurt and Munich as part of an investment for BVK. Financial details were undisclosed.
The 25,000sqm core/core-plus portfolio will be part of a fund managed by Universal-Investment. The properties were acquired by the Quest Group in recent years and specifically developed to reach portfolio quality. Quest Funds acts as investment and asset manager of the portfolio.
Norman Fackelmann, head of real estate at BVK, said: “Thanks to the very good micro-locations in Germany’s top four cities and the high degree of diversification, this investment is a strong addition to our real estate portfolio and will generate attractive returns for our clients.”
Roland Holschuh, managing partner of Quest Funds: “The mix of properties offers a strong combination of stable cash flows and upside potential. We look forward to working together and especially to actively further developing the portfolio.”
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