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German pension fund to invest €750M in US multifamily assets

Germany's biggest pension fund, Bayerische Versorgungskammer, has earmarked €750 million to invest in multifamily properties in the U.S., IPE Real Estate reported.

The fund tapped USAA Real Estate Co. to invest the funds. USAA Real Estate plans to co-invest 10% in existing assets and 30% in developments, according to the report.

So far, six newly developed properties in five major markets have been acquired.