VBL strategically repositions its residential property portfolio.

Stabilization and further development: parts of the portfolio will be included in the ‚Via Nova Wohnen‘ property fund.

Karlsruhe, 22 April 2026. With a residential property portfolio with a total market value of around seven billion euros, the Versorgungsanstalt des Bundes und der Länder (VBL) is one of Germany’s largest institutional property owners. In order to continue to fulfill this responsibility in the future, despite increasing demands – for example in the area of climate protection – it has decided to restructure its own housing stock. The VBL is incorporating this into the ‘Via Nova Wohnen’ fund. This step is intended to ensure the long-term preservation of the properties. Renovation and modernization measures are also planned. This strategic decision will also support VBL in continuing to create urgently needed new housing, as it has done in the past. In addition, the portfolio can be managed even more effectively through the fund. For VBL, this is an important step toward achieving its newly defined sustainability goal for its investments at the beginning of the year: greenhouse gas neutrality by 2050.
 
The incorporation of the fund does not constitute a sale but is solely a reorganization.  VBL remains the beneficial economic owner through its fund units and retains strategic control over the portfolio. This also ensures continuity for tenants: there will be no changes to the tenancies. Local property management and familiar contact persons will also remain in place. The changes relate exclusively to the structure behind the scenes.

Dr. Michael Leinwand, a board member of VBL, summarises: “With this strategic reorganisation, we are laying the foundations for responsible long-term development of our housing stock. Our aim is to future-proof the buildings, reliably secure housing and to tackle the upcoming challenges in the portfolio in a planned and sustainable manner.” The fund structure provides the foundation for bundled and long-term investments. One of the key priorities is the gradual decarbonisation of the portfolio. To this end, VBL is working with Union Investment as the capital management company. Union Investment is responsible for the structured management of the fund and provides the regulatory and organisational framework for its professional management.

To implement the new fund structure, VBL is also working with Swiss Life Asset Managers as portfolio and asset manager. Swiss Life Asset Managers contributes its many years of experience in managing large residential property portfolios and is responsible for the professional management of the portfolio structure in line with VBL’s long-term objectives. With Europe’s leading fully digital real estate platform, investments, ESG initiatives such as decarbonisation, and portfolio development among other things can be planned for the long term and managed transparently.

 

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