PATRIZIA Immobilien AG has received a mandate from Bayerische Versorgungskammer (BVK) to act as investment manager for over €400m. PATRIZIA will be setting up a pan-European portfolio of flats in this magnitude for a BVK fund and be responsible for the real estate as investment manager. "We are pleased that one of Germany's biggest institutional investors would now like to leverage our competence and skill as a European real estate investment company with local experts in all relevant real estate markets for its investment strategy in the form of an individual mandate as well," affirms Jochen Reith, Group Head of Institutional Clients DACH at PATRIZIA. Investments are being planned both in existing residential real estate as well as project development involving new construction, especially in the Netherlands and the Nordic Region.
Bayerische Versorgungskammer is the biggest public-law pension fund in Germany at present, managing the business of twelve professional and local community old-age pension facilities with 2.1 million insured persons and pensioners. It manages a capital investment volume of approximately €66bn for all facilities together at present.
As far back as March, PATRIZIA acquired a large portfolio of flats in the Netherlands for the new mandate. The portfolio comprises 1,275 flats at 23 locations in different urban areas, most of which have high growth rates, a large number of them in the very potent conurbation of Randstad. The main focus is Amsterdam, Zwolle and Dordrecht. The purchase price was around €150m. Sellers included several real estate funds managed by Holland Immo Group. In addition to 1,275 flats in 27 building complexes, there are also 4 commercial units and more than 500 parking places in the portfolio. It is planned to keep most of the flats in the portfolio. Some of the flats are to be privatised.