Major German pension fund Bayerische Versorgungskammer (BVK) has awarded LaSalle Investment Management a €500 million global real estate mandate.
The mandate covers investment opportunities across all property types, various risk profiles, capital structures and geographies.
The first investment is likely to be made later this year.
Norman Fackelmann, head of property investment management at BVK, says the mandate will complement the existing core portfolio and help to diversify it.
Claus Thomas, international director at LaSalle, adds that there are attractive investment opportunities in Asia, especially Japan, as well as in Canada, Australia and the US.
BVK is a €55 billion Bavarian umbrella pension scheme for self-employed professionals.
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