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AEW secures French separate account mandate from German pension fund
Investors - DECEMBER 16, 2019

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AEW secures French separate account mandate from German pension fund

by Andrea Zander

AEW has been awarded a new €150 million ($167 million) 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 billion ($1.67 billion) real estate portfolio, and this asset class plays an important role in the overall portfolio allocation of the Cologne-based pension fund. AEW was selected following a competitive tender process, and RVK was advised by investment consultant RMC Risk-Management-Consulting.

With target leverage of between 40 percent and 45 percent, the mandate will have a total investment capacity of €250 million to €300 million ($279 million to $334 million). It will specifically focus on retail and office assets, with an 80 percent weighting on the Paris market. AEW has already established a pipeline of over €100 million ($111 million) of potential acquisitions, with a number currently in due diligence.

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