An open-ended German residential fund created by Union Investment and ZBI Zentral Boden Immobilien has grown its managed assets by almost 50% with the acquisition of properties worth around €260m.
Last year, German investment manager Union Investment joined forces with housing specialist ZBI to set up set up UniImmo Wohnen ZBI, a fund focused on properties that offer affordable living space for the wider population, with medium to high amenity value.
Union Investment said the fund has expanded its portfolio with the acquisition of seven sub-portfolios comprising some 5,000 residential units in total.
As a result, the fund’s assets under management have risen by €258m to €781m, the manager said, adding that it expects to reach the one billion mark later this year.
The newly acquired properties in the portfolio are split across 11 different states in Germany. The locations include cities such as Berlin, Munich, Dresden, Magdeburg, Oberhausen, Weimar and Zwickau.
Union Investment said two sub-portfolios each totalling around €20m are located in Diepholz in Lower Saxony and in Marl near Dortmund, North-Rhine Westphalia. The seven sub-portfolios involved are worth between €2m and over €90m.
