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Union forms the largest open ended resi fund in Germany

04 August 17 - RE+D Magazine
Union forms the largest open ended resi fund in Germany

COMPANIES

Solum Property Solutions

Consultant - GREECE

ETAD.A.E.

Public entity - GREECE

Savills

Consultant - GREECE

IBI Group

Consultant - GREECE

PEOPLE

Antulio Richetta

Director IBI Group
Union Investment has created the largest open-ended residential fund in Germany, raising €620million from investors.

 

UniImmo Wohnen ZBI is Union Investment’s first residential fund, which it launched earlier this year by teaming up with sector-specialist ZBI Zentral Boden Immobilien.

According to realestate.ipe.com, ZBI has already secured €460million in assets, more than half of which have been transferred to the fund. Union said the “remaining sub-portfolios” would be transferred in August and September.

Union said the assets were sold by a group of UK and US investors.

About 70% of another portfolio with a pro-rata value of approximately €113million has also been transferred to the fund.

The portfolio is mainly located in North Rhine-Westphalia, primarily in the cities of Bochum, Essen, Duisburg and Düsseldorf. It comprises 150 properties with around 2,500 residential and commercial units.

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