UBS Real Estate KAG, the German property fund management arm of Swiss bank UBS, has been mandated by Bayerische Versorgungskammer (BVK), Germany's largest public pension fund, to manage a EUR 500 mln global property multi-manager mandate.

The new vehicle will invest in both core and opportunistic funds, including those with exposure to the BRIC countries (Brazil, Russia, India and China).

UBS' fund of funds business was created in August 2007 to provide investors with access to local and global funds.