Deutsche Asset Management (Deutsche AM) has announced the completion of the management transfer to its real estate investment business, of a €1 bn global property portfolio managed on behalf of its German institutional client Bayerische Ärzteversorgung (BAV).
BAV is the pension fund for doctors in Bavaria and one of the largest institutions that make up Bayerische Versorgungskammer (BVK), the Bavarian umbrella pension scheme for self-employed professionals, and long-standing client of Deutsche AM.
The portfolio consists of 16 properties in 10 countries across Europe, including England, Scotland, France, Italy, the Netherlands, Sweden and Finland, as well as the United States. Deutsche AM will provide investment management and transaction services on the portfolio.
'We look forward to working together with BVK to manage and extend the existing portfolio focused on core locations in developed countries,' said Clemens Schaefer, head of Portfolio Management, Real Estate, Europe at Deutsche AM.
Georg Allendorf, head of Real Estate, Europe at Deutsche AM added: 'This mandate is validation of the strong and long lasting relationship between BVK and Deutsche AM.'
