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LaSalle scoops €500m global mandate

Germany’s largest pension fund picks Chicago’s LaSalle Investment Management to enhance its already global portfolio.

Bayerische Versorgungskammer
(BVK), Germany’s largest public pension, has handed a €500 million global property mandate to LaSalle Investment Management on top of the €500 million mandate it awarded to Swiss bank UBS in 2011.

The €55 billion investor, which is a Bavarian umbrella pension scheme for self-employed professionals such as doctors, lawyers and architects, has commissioned Chicago-based LaSalle to finds it investments across all asset types, risk profiles, capital structures and locations.

It is expected that the first investment will be made this year.

The mandate comes in addition to a multi-manager assignment that UBS was picked for in November 2011 when BVK sought an advisor to put together a portfolio of non-listed funds.

In contrast, LaSalle’s mandate is closer to a separate account, with the company being responsible for constructing a global portfolio of real estate assets rather than fund interests.

Norman Fackelmann, head of property investment management at BVK said in a statement: “The LaSalle mandate will complement our existing core portfolio, and help to diversify it further. We’re delighted to be working with such a well-respected firm.”

Claus Thomas, international director at LaSalle said the firm was currently seeing attractive opportunities in Asia, notably Japan as well as Canada, Australia and the US.