BVK Expects Losses From US Property Investments, CEO Tells Paper

Bayerische Versorgungskammer, the Bavarian pension fund that funneled hundreds of millions of dollars into US real estate projects, expects to lose some money from the investments, its chief executive officer said in an interview.

“Of course, every euro or dollar we lose hurts,” Axel Uttenreuther, BVK’s CEO, said in an interview with newspaper Welt am Sonntag. The losses will be offset by gains from other investments, with no impact on the payments to retirees, he said.