Bayerische Versorgungskammer, Munich, hired USAA Real Estate to manage a €750 million ($799 million) allocation to U.S. residential real estate, said a spokeswoman at the pension fund.
USAA Real Estate, the real estate investment arm of USAA Capital Corp., was chosen by the €82 billion pension fund following “an extensive contest,” the spokeswoman said.
The allocation is new. “The USA is an important and interesting real estate market for us, and so far we were rather underexposed,” she said. “We always look for good investment opportunities (but) there is no timing strategy behind this hire.”
Germany's largest public pension fund's total real estate allocation is 17%.
