AEW secures French separate account mandate from German pension fund
AEW has been awarded a new EUR150 million separate account mandate from German public pension fund Rheinische Versorgungskassen (RVK) to undertake a core investment strategy focused on French office and retail assets.
RVK has a EUR1.5 billion real estate portfolio and this asset class plays an important role in the overall portfolio allocation of the Cologne based pension fund. AEW was selected following a competitive tender process, and RVK were advised by Investment Consultant RMC Risk-Management-Consulting.
With target leverage of between 40-45 per cent, the mandate will have a total investment capacity of EUR250-EUR300 million. It will specifically focus on retail and office assets, with an 80 per cent weighting on the Paris market. AEW has already established a pipeline of over EUR100 million of potential acquisitions, with a number currently in due diligence.
Stephan Boenning, Head of Germany and CEE at AEW, says: “We are delighted to have been awarded this mandate which demonstrates the importance of our European platform and our ability to draw on a network of local experts. We have already identified a number of investment opportunities in France and are looking forward to making our first acquisitions on behalf of RVK in the next weeks.”