MUNICH-LaSalle Investment Management has been awarded $665 million (€500m) in investment business from BVK, Germany's largest pension fund.
The $73 billion (€55bn) Bavarian umbrella pension plan for self-employed professionals has committed $665 million to LaSalle to seek best-in-class real estate investment opportunities across all property types, various risk profiles, capital structures, and geographies.
“The LaSalle mandate will complement our existing core portfolio, and help to diversify it further. We're delighted to be working with such a well-respected firm,” said Norman Fackelmann, head of property investment management, BVK.
It is expected that the first investment will be made this year. The pension fund provides retirement security for a variety of professionals, including doctors, lawyers and architects.
“We are thrilled to have been entrusted with the assignment to help BVK build upon its already stellar real estate portfolio,” said Claus Thomas, international director, LaSalle Investment Management. “We are currently seeing attractive opportunities in Asia, notably Japan; as well as Canada, Australia and the US.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
