The Bavarian Pension Fund (BVK) appoints Andreas Steimel to head the real estate investment division for a transitional period, effective February 1, 2026.
With the appointment of the industry-experienced manager, BVK has successfully concluded a comprehensive selection process within just a few months. The appointment represents a milestone in the consistent implementation of the strategy announced at the beginning of December.package of measuresThis is how the Bavarian Pension Fund is responding to the challenges associated with individual US real estate investments.
Andreas Steimel has over 25 years of professional experience in the real estate sector, having worked for leading companies in the industry. Sixteen of these years were spent at PIMCO Prime Real Estate (formerly Allianz Real Estate), a leading global real estate investor and manager, part of the Allianz Group. Most recently, as COO, Andreas Steimel was responsible for change management and transformation, IT, legal and compliance, and HR. In this role, he also served as the responsible business continuity manager and gained extensive experience leading the global crisis management team. The business graduate and tax advisor was also responsible for the structuring of closed-end national and international real estate funds and investment structures in the USA. Prior to this, Andreas Steimel also worked in the real estate sector at Ernst & Young and Arthur Andersen.
“With Andreas Steimel, we are gaining not only a proven expert, but also a personality who has impressively demonstrated his competence, particularly in challenging and complex situations,” says Axel Uttenreuther, Chairman of the Board of the Bavarian Pension Fund. “Andreas Steimel has excellent knowledge of the international real estate sector, especially in the USA. I am convinced that he will provide sound support to our colleagues in the area of real estate investment, strengthen their skills, and at the same time offer valuable new impetus.”
“As a leader, strategic thinking, empathy, and clear decision-making are always central to my actions,” adds Andreas Steimel. “Especially in times of change, I want to contribute my change management and transformation expertise and thus make a targeted contribution to the success of the Bavarian Pension Fund. I thank them for the trust they have placed in me. At the same time, I look forward to tackling the challenges resolutely together with the team.”
Despite the sometimes volatile market environment, BVK once again concluded the past fiscal year with a strong performance. According to preliminary figures, the capital-weighted net return will reach approximately 3.4 percent in 2025, effectively remaining at the previous year’s level. This return ensures, once again, that BVK achieves its central investment objective and exceeds the interest rate requirements of the pension funds it manages.
The action plan announced in December was developed in response to the economic challenges posed by certain US real estate investments. Investments made between 2018 and 2020 are being systematically reviewed. BVK continues to deny any impact on pension commitments to members, policyholders, and beneficiaries. Up-to-date information on this matter is regularly and transparently published on the BVK website.
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