AEW wins French separate account mandate from German pension fund

Global investment manager AEW has been awarded a new €150 mln separate account mandate from German public pension fund Rheinische Versorgungskassen (RVK) to undertake a core investment strategy focused on French office and retail assets. 

RVK has a €1.5 bn real estate portfolio and this asset class plays an important role in its overall portfolio allocation, the Cologne-based pension fund said.

Stephan Boenning, head of Germany and CEE at AEW, commented: 'We are delighted to have been awarded this mandate which demonstrates the importance of our European platform and our ability to draw on a network of local experts.

'We have already identified a number of investment opportunities in France and are looking forward to making our first acquisitions on behalf of RVK in the next weeks.'

AEW was selected following a competitive tender process, and RVK were advised by Investment Consultant RMC Risk-Management-Consulting.

With target leverage of between 40-45%, the mandate will have a total investment capacity of €250 - €300 ml. It will specifically focus on retail and office assets, with an 80% weighting on the Paris market. AEW has already established a pipeline of over €100 mln of potential acquisitions, with a number currently in due diligence.

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