Bayerische Versorgungskammer funds’s €343 million refinancing of a commercial real estate portfolio


Ashurst advised the investment funds “BVK Europa I-Immobilienfonds-HR” and “BVK Europa II-Immobilienfonds-HR” on the €343 million refinancing of a commercial real estate portfolio. The new financing was granted by Landesbank Baden-Württemberg.

The new financing was granted by Landesbank Baden-Württemberg. The two funds had acquired the portfolio comprising 90 commercial properties in more than 70 German cities in 2017. The funds’ investor is Bayerische Versorgungskammer (BVK), Universal Investment acts as fund manager. Asset manager is a company belonging to CORESTATE Capital Holding S.A.

BVK is Germany’s largest pension fund managing twelve legally independent professional and municipal pension funds with a total of over 2.2 million policyholders. BVK manages an investment volume with a book value of currently around €72 billion.

The Ashurst team was led by finance partner Filip Kurkowski (picture), assisted by the associates Dr Jan Ulrich Heinemann, Annabelle Sachs and André Schaumburg as well as paralegal Isabelle Renninger (all finance, Frankfurt). Partner Isabelle Lentz as well as senior associates Paul Witte and Christophe Bregeon from the firm’s London office advised on aspects of Luxembourg law.

Involved fees earner: Filip Kurkowski – Ashurst; Jan Ulrich Heinemann – Ashurst; Annabelle Sachs – Ashurst; André Schaumburg – Ashurst; Isabelle Lentz – Ashurst; Christophe Bregeon – Ashurst; Paul Witte – Ashurst;

Law Firms: Ashurst;

Clients: Bayerische Versorgungskammer;