02 August 2017
Düsseldorf
Reporter: Theo Andrew

ZBI and Union Investment launch German resi-fund


Union Investment and ZBI have launched a German resi fund, Unilmmo: Wohnen ZBI, raising €620 million in its first phase.

The open-ended fund, which had a large portion of capital invested by launch day, is seeded with more than 50 percent of a ZBI portfolio with a total value of €460 million.

In addition, Unilmmo: Wohnen ZBI has acquired two portfolios comprising 410 properties with a combined value of €245 million.

The first package, acquired for €132 million, comprises 260 properties, approximately 2,500 units, which are located in Dusseldorf and Gelsenkirchen.

A further €113 million was spent on 70 percent of a portfolio, totalling 150 properties, from a group of US and UK investors.

Located primarily in Bochum, Essen, Duisburg and Dusseldorf, the fund has a structured investment plan in order to achieve full occupancy at the 150 properties.

According to the partnership, the fund will target affordable living space in Germany, investing in value-add portfolios across the market.

Reinhard Kutscher, chairman of the management board of Union Investment Real Estate, said: “We are delighted to have got off to such a good start, both on the marketing side and with regard to acquisitions. With its initial portfolio, the fund is very well positioned to leverage opportunities in the German residential real estate markets.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
London pension fund strengthens board
17 August 2017 | London | Reporter: Theo Andrew
The London Pension Fund Authority (LPFA) has appointed Nigel Topping and Barbara Weber to its trustee board, effective immediately
Greystar appoints Jeff Manno to lead Growth Fund
17 August 2017 | Charleston | Reporter: Theo Andrew
Reporting to Chris MacNaughton, Greystar’s head of portfolio management platform, Manno will relocate from London to Charleston, South Carolina
LaSalle shoots for $1 billion Asian real estate fund
17 August 2017 | Chicago | Reporter: Theo Andrew
In its fifth and latest close, LAO V secured $335 million of commitments, meaning the fund is well in line to exceed its initial target of $750 million
Schroders secures self-storage portfolio for £44 million
16 August 2017 | London | Reporter: Theo Andrew
It is the institutional investor’s first foray into self-storage sector, which it sees as a major growth opportunity within the alternatives sector down to changing demographic trends
BlackRock enters Australian renewable energy sector
16 August 2017 | Queensland | Reporter: Theo Andrew
The global investment manager secured the long-term syndicated debt facility through the Clean Energy Finance Corporation, the Commonwealth Bank of Australia and Natixis
Foundation appoints new global head of transactions
15 August 2017 | Zurich | Reporter: Jenna Lomax
Feix will be based in Zurich and replaces Ulrich Kaluscha, who held the post on an interim basis
Five Point buys OC office campus for $443 million
15 August 2017 | California | Reporter: Theo Andrew
Five Point Holdings has acquired a 73-acre corporate campus in Irvine, California, on behalf of its new venture, Five Point Office Venture Holdings I, for $443 million