Universal-Investment buys €687m retail portfolio

Bayerische Versorgungskammer, through funds managed by Universal-Investment, has agreed to acquire a retail portfolio with approximately 90 properties worth €687 million ($732 million) from Corestate Capital. BVK is Germany’s largest pension fund investor.

The transaction must be approved by the Federal Cartel Office. As part of the deal, Corestate will be the portfolio’s asset manager. The deal follows Corestate’s strategy during the past few months of expanding its business with institutional clients.

Details about the properties will be released after the closing in four to six weeks. BNP Paribas Real Estate advised on the transaction.

BVK has been active in its real estate exposure. BVK with its partner Hines acquired a mixed-use property in Manchester, England, from Trinistar Manchester, a joint venture between Starwood Capital Group and Trinity IM. Other asse