German institutional investors Bayerische Versorgungskammer (BVK) and Versicherungskammer Bayern Group (VKB) are investing in a New York real estate asset with more than 100,000sqft of vacant office space as part of a consortium led by Deutsche Finance Group.
BVK, Germany鈥檚 biggest pension fund is investing in the top floors of the 鈥楪ucci Building鈥� on Manhattan鈥檚 Fifth Avenue alongside VKB, Germany鈥檚 biggest public insurer, and institutional funds managed by Deutsche Finance Group, spokeswoman confirmed.
The consortium also includes Turkish private equity real estate real estate firm BLG Capital.
The upper floors of the building, which used to house Gucci鈥檚 New York headquarters, were owned by 鈥檚 GGP and Thor Equities.
Deutsche Finance Group鈥檚 newly-established US arm, Deutsche Finance America, is responsible for the recently-acquired office property.
Symon Godl, managing director asset management at Munich-based Deutsche Finance Group, told 91传媒在线 that the firm had been planning to open a US operation, and these plans were brought forward to coincide with the deal.
鈥淭he US is one of the most important markets for us and we are increasingly active in it, so it is important for us to have a base there,鈥� he said.
Deutsche Finance Group has existed since 2005 in Munich, and last year the company set up its first foreign subsidiary in the form of Deutsche Finance Group International in London.
Godl said the US office would play a key role in generating deals.
鈥淲e have a clear focus on opportunistic investments, and acquisitions with core property are often arranged off-market,鈥� Godl said, adding that this was one reason why it was important to have a local presence in the US.
Jason Lucas has already been appointed as the Denver-based managing director of Deutsche Finance America, and three or four further employees are to be hired soon, Godl said.
