Bayerische Versorgungskammer (BVK), Germany's largest pension scheme group, has increased the Nordic residential investment mandate awarded to CapMan Real Estate to €500 mln.

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Strandlodden Set Foroven Rs

Scandinavian asset manager CapMan initially signed the mandate with Bayerische Versorgungskammer (BVK) in July last year to invest up to €400 mln in residential real estate in the Nordics.

Under its broad mandate, CapMan will source, advise on and execute transactions as well as manage the assets on behalf of BVK in Sweden, Denmark, Finland and Norway. Recently CapMan Real Estate advised the fund on two acquisitions in Denmark: a newly built asset in Copenhagen and a forward purchase project in Aarhus.

'The combined volume of the deals was €125 mln which takes the committed investment volume of the mandate to €300 mln. We have a strong pipeline for further acquisitions,' commented Sampsa Apajalahti, investment director at CapMan Real Estate.

CapMan will receive an annual advisory fee and a performance fee on the mandate based on standard industry practice.

CapMan Real Estate has a team consisting of over 30 real estate professionals in Helsinki, Stockholm and Copenhagen. CapMan Real Estate currently has over €1.7 bn of assets under management and the first fund was established in 2005.