BAV entrusts €1bn portfolio to Deutsche Asset Management

Giant German pension fund Bayerische Ärzteversorgung (BAV) is outsourcing the management of a €1bn global property portfolio to Deutsche Asset Management, the alternative assets investment arm of Deutsche Bank.

Deutsche AM said it has completed the management transfer of the portfolio, which consists of 16 properties in 10 countries across Europe, including England, Scotland, France, Italy, the Netherlands, Sweden and Finland, and the US.

BAV is the pension fund for doctors in Bavaria, one of the largest institutions that make up Germany’s Bayerische Versorgungskammer (BVK), the Bavarian umbrella pension scheme for self-employed professionals. Deutsche AM, which has a long-standing relationship with BAV, will provide investment management and transaction services on the portfolio.

Dr. Georg Allendorf, Deutsche AM’s European heard of real estate, said: “This mandate is validation of the strong and long lasting relationship between BVK and Deutsche AM.”