02 August 2017
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.”

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