GPEP and Universal-Investment launch Germany-focused retail center fund

Asset and property manager GPEP, together with Universal-Investment, has launched the BVK-Deutschland I-Immobilienfonds – FMZ fund for Bayerische Versorgungskammer, a Bavarian pension plan for professional groups.

The fund will invest in supermarkets and retail centers throughout Germany, across a wide risk/reward spectrum. Its initial investment volume is €250 million ($283 million).

The fund’s first acquisition is an off-market portfolio consisting of 46 properties in the retail center, supermarket and food retailer segments, supplemented by a few non-food outlets and a DIY superstore.

The properties are predominantly located at established sites for local shopping centers in 10 German states, with the focus being on Bavaria, Lower Saxony, Saxony and Saxony-Anhalt.