BVK gives Patrizia €400m to create residential portfolio
Bayerische Versorgungskammer (BVK) has given Patrizia Immobilien €400m to create a pan-European residential property portfolio.
Patrizia will act as investment manager for Germany’s largest pension scheme group.
Jochen Reith, group head of institutional clients at Patrizia, said investments were being planned in existing residential real estate and project development.
The manager will target the Netherlands and the Nordic countries.
BVK recently gave CapMan Real Estate €400m to invest in the Nordic residential markets.
The Helsinki-headquartered manager, which specialises in Nordic markets, has already been sourcing Nordic residential investments for BVK. In April, it helped BVK acquire a Finnish portfolio.
Patrizia said it invested €150m in a large portfolio of flats in the Netherlands for the BVK mandate in March this year.
The portfolio of 1,275 flats was spread across 23 locations, including Amsterdam, Zwolle and Dordrecht.
Sellers included real estate funds managed by Holland Immo Group.
Patrizia recently said it is aiming to build 100 residential assets a year in the Dutch city of Tilburg. Peter Helfrich, managing director for the Netherlands, said the company was aiming to expand its housing portfolio.