Deutsche Asset One has bought apartments valued at around €90m for two separate account mandates from Union Investment.

In 2016, Union Investment awarded Deutsche Asset One a mandate to invest in German residential property.

Deutsche Asset One, a Dupuis Investment & Asset Management company, said it has bought 750 apartments in Hamburg, Leipzig, Magdeburg and Saarbrücken. Sellers in the latest deal include a number of German family offices.

In the past 24 months, Union Investment has bought residential properties valued at around €500m for both mandates. 

Bernhard Kraus, the managing director of Union Investment Institutional, said: “For these mandates, Deutsche Asset One is an excellent investment and asset management partner, with nationwide expertise, providing very good access to market in the residential real estate segment.

“We are very pleased to be able to offer our investors access to a number of locations for attractive risk-diversified asset allocation.”

Thilo von Stechow, the managing director of Deutsche Asset One, said: “Based on a predefined set of criteria, we are able to identify attractive locations for residential real estate throughout Germany for a multitude of investors.

“Our continued growth, with over 1 billion euros of real estate assets under management, confirms our expertise in this area. In the next two years, we are planning to execute further transactions worth around €500m.”