Bayerische Versorgungskammer, Munich, Germany, committed €300 million ($324.4 million) to European debt fund PAREC, managed by Allianz Real Estate, a spokeswoman at the German pension fund confirmed.
The fund invests in high quality real estate debt with senior core and core plus assets located in prime locations in European cities.
"Allianz Real Estate has an exceptional, long-term track record in European debt and the fund represents an excellent opportunity to expand our exposure to quality assets through a co-investment structure," Reinhold Weger, head of fixed income at the €70 billion BVK said in a news release.
"While the wider market has been disrupted by the COVID-19 pandemic, our perspective has always been long-term, which we view as a core strength of the Allianz proposition," Mr. Weger added.
The spokeswoman did not comment further.