Pension VBL Moves €2 Billion Housing Portfolio to Fund

German public-sector pension fund Versorgungsanstalt des Bundes und der Länder, or VBL, is transferring residential properties worth more than €2 billion ($2.3 billion) into a new fund structure.

The move is designed to safeguard long-term asset value while enabling modernization and supporting new developments, the pension fund said in a statement Tuesday. VBL will retain “strategic control” over the holdings as well as economic ownership.