BVK fund strikes in Switzerland with 14-asset deal

An investment fund managed by Universal-Investment on behalf of pension fund Bayerische Versorgungskammer (BVK) has made its debut in Swizerland, purchasing a portfolio of 14 retail assets.

Financial details were not disclosed.

The assets were purchased from a family office for the 'Retail Parks Austria/Switzerland' alternative investment fund, which is domiciled in Luxembourg. The fund focuses on Swiss and Austrian retail properties, was launched at the beginning of 2018, and currently comprises 28 properties covering some 150,000 m2.

'We are delighted to be entering the Swiss market and plan to manage the locations in close cooperation with the tenants in the long term,' said Norman Fackelmann, head of real estate management at BVK.

'The acquisition is part of our growth strategy for our special real estate fund together with our partners Schroder Real Estate and Universal-Investment,' Fackelmann added.

The assets in the retail-focused portfolio are located across a range of Swiss cantons.

Schroder Real Estate arranged the deal as investment advisor and asset manager, while UBS Switzerland is financing the portfolio.

The deal follows BVK's recent acquisition of a portfolio of 12 retail parks and supermarkets in established locations across Germany from a Dutch real estate fund.

The German portfolio, which provides 26,700 m2 of rental space across 48 units, is 95% leased to food retail tenants such as Edeka and Rewe, Aldi and Lidl.

 

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