Union Investment has made a comeback as buyer for its private investor real estate funds with the €80m purchase of Kållered Retail Park in Gothenburg, Sweden.
The acquisition is the first for the firm’s flagship open-ended real estate fund, UniImmo: Deutschland, in approximately three years, signalling a renewed investment strategy after a period focused on liquidity generation and selective asset sales.
The 19,400sqm retail park was acquired from Ingka Centres, part of the Ingka Group.
The transaction reflects Union Investment’s confidence in the improving real estate investment environment and its intention to begin redeploying capital on behalf of private clients.
Karim Esch, CIO at Union Investment Real Estate, said the company had established a strong foundation through profitable disposals, enabling it to actively participate in the next phase of the market cycle. He added that Union Investment is evaluating further acquisitions for UniImmo: Deutschland while continuing to monitor fund inflows and pursue attractive sales opportunities.
With assets of around €15bn, UniImmo: Deutschland is Union Investment’s largest real estate fund.
The acquisition follows the company’s return to buying activity for its institutional special funds at the end of 2025.
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| One Churchill Place | office | London | Barclays | CWG | 1 million sqft | £750 (€875) | The building has served as Barclays’ global headquarters since 2005. |
| Carrefour Romania | retail | Romania | Pavăl Holding | Carrefour | 500 assets | €823 | The portfolio includes 55 hypermarkets, 191 supermarkets, 202 convenience stores and 30 Supeco discount stores |
| residential portfolio at Elephant Park | living | London | Greystar | CPP, Lendlease | 904 homes | €572 | Greystar’s flagship Greystar Equity Partners Europe II (GEPE II) fund is acquiring the 904-home build-to-rent (BTR) portfolio. |
| 55 Old Broad Street | office | London | AshbyCapital | Landsec | 272,000sqft | £282 (€376) | Skanska has been appointed to develop the scheme, which will create 270,000sqft of office accommodation, as well as retail space at ground level. |
| Stirling Square | office | London | Deka Immobilien | Tristan Capital Partners and Greycoat | 8,700m2 | £220 (€293) | Built in 1999, the property underwent refurbishments in 2016 and 2022 and is fully let on long-term leases to four renowned tenants. |
| Horseferry House | office | London | Unnamed overseas investor | Derwent London | 164,900sqft | £132 (€176) | The asset delivered an ungeared IRR of 8.4% over our 21-year ownership. |
| six care home assets | living | Sweden, Finland and Denmark | Northern Horizon | NA | 370 beds | €130 | The acquisitions were completed on behalf of the flagship Aged Care Social Infrastructure Fund (ACSIF). |
| four properties | office | Sweden | Storsala | Altra Fastigheter | 49,000m2 | €107 | The properties are located in Nacka, Järfälla and Stockholm and are 86% let. |
| Lindberg House | office | Munich | München-Starnberg-Ebersberg | Jargonnant Partners S.a.r.l. | 9,000m2 | €100 | The asset will serve as the buyer’s headquarters during the multi-year renovation of their central branch at Sendlinger-Tor-Platz. |
| Stairs | office | Luxembourg City | State Street Services Luxembourg | Grossfeld | 9,999m2 | €100+ | Stairs is the first building in Luxembourg to achieve a BREEAM Outstanding certification. |
| six logistics facilities | logistics | Spain | WP Carey | Unnamed European logistics provider | NA | €97 | The portfolio is subject to a 20-year, triple-net master lease with annual CPI-based rent escalations. |
| Kållered Retail Park | retail | Gothenburg | Union Investment | Ingka Centres | 19,400m2 | €80 | Union Investment is now returning to the buyer side with its open-ended real estate retail funds for private investors. |
| Hangar 5 | retail | Stockholm | Delcore | NCC | 11,000m2 | €71 | The property is let to ICA |
| logistics assets | logistics | Antwerp, Brussels | Montea | NA | 88,000m2 | €65 | The assets generate an average NIY of 6.6%. |
| Traktören 20 | living | Sollentuna, Sweden | KPA | Skanska | 154 apartments | €51 | The project is planned for completion in Q1 2029. |
| PBSA asset | living | Dublin | Greystar | Valeo Groupe Europe | 216-beds | €37 | The deal is Greystar’s third major investment in the Irish student sector. |
| vacant office | living | Florence | Nido Livensa Group | NA | 10,000m2 | NA | The buyer will invest €50m to transform the property into a student facility. |
| 336 Rue Saint-Honoré | retail | Paris | Barings | NA | 620m2 | NA | The retail unit is fully let to a luxury fashion brand, which has operated its Paris flagship store from the location for more than a decade. |
| Mongibello Ibiza hotel | hotel | Ibiza | Grupo Ramat | Stoneweg and Bain Capital | 168rooms | NA | The JV acquired Mongibello Ibiza in 2022 as part of its value-add investment strategy. |
| Engrækkerne residential scheme | living | Copenhagen | Komvi | Arthascope Capital | 136 homes | NA | The acquisition represents Komvi’s seventh investment. |
| logistics asset | logistics | Bezons, France | CBRE Investment Management | Virtuo Industrial Property | 36,000m2 | NA | CBRE IM has made its first European investment in multi-storey urban logistics, partnering with Virtuo to co-develop a scheme. |
| Riverview mixed-use asset | mixed | Prague | NA | Invesco Real Estate | 7,650m2 | NA | The asset is anchored by global pharmaceutical firm MSD. |
| Le Titien | office | Paris | NA | Ofi Invest Real Estate | 9,800m2 | NA | The property is centrally located. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| villa Bagatelle | living | Cannes | LVMH | NA | €50+ | NA | The asset was bought in 2024 for €46.5m. |
| 1 Page Street | office | London | Derwent London | 127,800sqft | NA | NA | The sale follows Burberry’s decision to vacate. The building offers a significant residential conversion opportunity. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| NatWest, Lloyds, Barclays, HSBC, Santander, Deutsche Bank, ABN Amro, and CaixaBank | PHP | Unsecured | £800 (€933) | The deal aims to lower borrowing costs and refinance bridging facilities established during its acquisition of Assura. |
| ABN AMRO, BNP Paribas Fortis, Intesa Sanpaolo, Société Générale, CaixaBank, J.P. Morgan, KBC Bank and Rabobank | Aedifica | Unsecured | €620 | The credit facility has an initial term of five years, with two one-year extension options, and includes an accordion option of up to €100m. |
| Barclays, HSBC, ING, RBS, Lloyds and ABN Amro | Supermarket Income REIT | Unsecured | £445 (€593) | The new facilities, a £375m syndicate and £70m bilateral, will refinance all of the REIT’s existing unsecured loan facilities maturing over the next two years.
|
| Erste Group and Erste Bank Polska | Tristan, White Star | Elektrownia Powiśle project in Warsaw | €172 | The transaction represents one of the largest single-asset real estate financing transactions completed in Poland in 2026. |
| United Overseas Bank | Apache Capital | Present Made | £125 (€167) | The two-year facility replaces the previous development loan provided by BGO. |
| Pbb | Cerberus and Revetas | Radisson Blu Hotel Complex in Bucharest | €123 | pbb acted as arranger and sole lender under the investment facility. |
| Invesco Real Estate | Dunas Capital Real Estate | logistics facility in Chiloeches near Madrid | €56 | The loan replaces existing debt now that the asset is operational and fully let to Ontime Pharma. |
| Metro Bank | Banor Capital | Hilton Garden Inn Silverstone | £40 (€53) | The facility refinances the existing senior and junior debt through a single loan. |
| Sparkasse Hannover | Instone | Unsecured | €45 | The promissory note loan maturing in October 2026 was redeemed early and extended. |
| BayernLB | May & Co | Nordkanalstraße 50 in Hamburg | NA | The loan finances the redevelopment of the asset. |
| New mandates/JVs and funds on the market | |||
|---|---|---|---|
| Firm | Fund/mandate/JV | Strategy | Details |
| Invel Real Estate | Eudora Fund II | The Fund pursues an opportunistic strategy, investing across the capital structure in situations shaped by mispricing, market dislocation and value-add potential. | The final close is at over €400m in total capital commitments, exceeding its original target of €300m. |
| Segro and PSP | UK logistics development JV | To develop and operate three major UK logistics parks in Radlett, Coventry and Northampton | The parks will be sold to the joint venture at an agreed price of £1bn. |
| Lendlease and The Crown Estate | The Impact Partnership Joint Venture | Delivering critical housing and science, innovation and commercial space in the UK | Three major London projects, in Euston, Silvertown and Stratford Cross, will be the first schemes carried out by the two partners. |
| Tribera and Aware Super | German purpose-built student accommodation platform | Targeting prime student housing across key German markets such as Berlin, Munich, Hamburg, Cologne and Frankfurt | The platform is targeting an investment capacity of over €1bn. |
| Hayfin Capital Management | Direct Lending Fund V | Sourcing, structuring and investing in performing senior‑secured loans to primarily European middle‑market and upper‑middle‑market businesses | The fund has attracted capital in excess of €15bn, significantly exceeding its target for the fundraise. |
| Industria | Residential Real Estate Fund | Investing both in new construction and existing residential properties | The open-ended special fund is expected to invest up to €500m. |
| Starwood | Starwood Distressed Opportunity Fund XIII | The fund focuses on residential, data Centers, industrial and hospitality assets | Starwood Capital raised over $10.2bn for the global opportunistic real estate fund. |
