Germany’s largest pension fund Bayerische Versorgungskammer (BVK) has awarded a global real estate mandate to UBS Global Asset Management’s (UBS GAM) global real estate business, Financial Standard reports. UBS GAM will run €500 million in global real estate.

UBS GAM’s business will be investing in core, value-add and opportunistic global real estate funds along with real estate and Bric (Brazil, Russia, India and China) strategies. In the past one year, the business has won mandates worth €731.41 million and 35 new clients from Europe and North America. At present, BVK manages around €50 billion.

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