Konzern Versicherungskammer (VKB)

Munich-based German pension fund (Bayerische Versorgungskammer) with €100bn+ AUM; one of Germany's largest institutional investors active in real estate debt and equity.

Germany's largest specialist mortgage bank for commercial real estate. Pfandbrief-funded with the lowest-cost senior CRE debt in the DACH market. Strictly senior investment loans — no development finance, no B notes, no mezzanine. Prefers new-build Class-A assets meeting highest ESG standards; accepts transitional assets if a credible ESG upgrade path is documented. Typical LTV 55–65% (Germany) and 50–60% (abroad). Typical tenor 7 years. Actively building ESG-compliant loan portfolio. Key contacts: Nicole Jürgensen (Head of International Clients, Frankfurt — primary for non-German sponsors), Julian Muehlfried (Berlin), Ingo Glaeser (Head of Commercial Property Clients Germany), Dirk Ley (Frankfurt regional director). Guido Zeitler (MD, Head of Origination). Management: Holger Horn (CEO).

German Landesbank. RE finance division merging with Berlin Hyp subsidiary (announced Sept 2025) to form dedicated RE bank. Key 2024 deals: Patrizia fund office portfolio refi (Res Publica Hessen I); €850m senior tranche for Castlelake/Niam/NetZero German multifamily (LTC 75%, LBBW senior + Castlelake junior); Mileway pan-European logistics syndicate. Combined LBBW+Berlin Hyp 2024 lending: €8.1bn. Also active in renewable energy and infrastructure finance via green bond programme.