A couple of weeks ago Microsoft has released Update 1 for System Center Virtual Machine Manager 2012 R2. This update requires a extra step to succesfully upgrade your SCVMM invironment. You have to install the MSI and you have to run a SQL script.
1.) First download the files and the SQL script.
http://support.microsoft.com/kb/2904712
2.) Check the version of your VMM environment
3.) Install the update on your VMM server
4.) Open the SQL Management Studio
5.) Select the database of VMM and open a new query
6.) Copy and paste the SQL script in the query
7.) Select “Execute”
8.) Check the new version of your VMM invironment.
9.) Now your VMM 2012 R2 environment is succesfully upgraded with Update 1