BVK, Universal-Investment roll out a string of real estate funds
Annual Review 2017-2018
A multidisciplinary CMS team advised Bayerische Versorgungskammer (BVK) and its fund manager Universal-Investment on the structuring of a series of open- and closed-end real estate funds. The focus was on investments in the Nordic countries as well as in Asia and Europe generally.
BVK, Germany’s second largest institutional investor, uses the funds to expand its real estate investments. It plans to invest over EUR 3.6bn in equity via those funds, applying different real estate investment strategies.
The funds’ structures are designed to meet the very specific regulatory and tax requirements of the seven pension schemes bundled by BVK.
One of the funds was the very first umbrella partnership structure that BVK has invested in and we had to tailor it to meet very specific German tax requirements. We provided further advice in optimising the portfolio to reflect the regulatory needs of the pension schemes.
Daniel Voigt, Partner, CMS Frankfurt
A CMS team, led by Hamburg partner Sebastian Orthmann and Frankfurt partner Heinrich Schirmer, also advised on the acquisition of a 90-property high street portfolio from real estate investment firm Corestate Capital, with a value of around EUR 700m, in a share deal structure. Ongoing advice relates to property acquisitions in Hong Kong, Denmark, Finland, Austria and Germany.
Universal-Investment is headquartered in Frankfurt am Main and has subsidiaries and holdings in Luxembourg and Austria. It is the largest independent investment company in the German-speaking world.