German pensions going into the Shvitter?

https://www.msn.com/en-us/money/real-estate/a-luxury-real-estate-builder-s-improbable-comeback-is-starting-to-crumble/ar-AA1KMW5l "'Michael Shvo soon could lose the Raleigh, a $1 billion hotel and condominium project on Miami Beach, where unit sales have been slow and construction has yet to start on apartments six years after he acquired the site. After his financial partners put the property up... [more]

https://www.msn.com/en-us/money/real-estate/a-luxury-real-estate-builder-s-improbable-comeback-is-starting-to-crumble/ar-AA1KMW5l "'Michael Shvo soon could lose the Raleigh, a $1 billion hotel and condominium project on Miami Beach, where unit sales have been slow and construction has yet to start on apartments six years after he acquired the site. After his financial partners put the property up for sale, a private-equity firm won a bid to buy it in July. Shvo is now challenging the sale in private arbitration, and he has until later this week to make a matching bid. It wouldn’t be the first trophy property Shvo lost this year. In February, he and his partners sold off a Beverly Hills condominium project after similarly slow sales. The 52-year old developer is also ensnared in a bitter legal dispute with his largest financial backer on those properties, Bayerische Versorgungskammer, or BVK, a German pension fund that manages the benefits of more than two million public-sector workers.'" [less]