AEW Europe has secured a €200m (£143m) separate account mandate from a German pension fund to invest in European commercial real estate.
ZVK, the pension fund manager for state employees of Saxony, picked AEW Europe to manage its real estate investments following a section process.
The mandate follows the opening of an office in Frankfurt by AEW Europe and more than €750m of investments in the country in the past 12 months. In total, AEW has more than €1.2bn of assets under management in Germany.
Marc Langenbach, portfolio manager at AEW Europe for the ZVK mandate, said: “The objective of the mandate is to deliver a sustainable income return from a portfolio of assets in strong locations. The mandate sets out an ambitious programme of deliverables, but we are confident of achieving these with the benefit of our expert local investment teams and over €100 m of investments are already under exclusivity for the mandate.”
ZVK was advised by HQ Trust in its selection process.
