German pension fund Bayerische Ärzteversorgung (BAV) is outsourcing the management of a €1bn global property portfolio to Deutsche Asset Management.

Deutsche AM said it has completed the management transfer of the portfolio, which consists of 16 properties in 10 countries across Europe, including England, Scotland, France, Italy, the Netherlands, Sweden and Finland, and the US.

BAV is the pension fund for doctors in Bavaria, one of the largest institutions that make up Germany’s Bayerische Versorgungskammer (BVK), the Bavarian umbrella pension scheme for self-employed professionals.

Deutsche AM will provide investment management and transaction services on the portfolio.

Clemens Schaefer, the head of Deutsche AM’s real estate portfolio management in Europe, said: “We look forward to working together with BVK to manage and extend the existing portfolio focused on core locations in developed countries.”

Georg Allendorf, Deutsche AM’s European head of real estate, said: “This mandate is validation of the strong and long-lasting relationship between BVK and Deutsche AM.”