Unilmmo: Wohnen ZBI has raised €620 mln in its first subscription phase, making it the largest residential property open-ended real estate fund in Germany.
The fund is a joint initiative of Hamburg-based Union Investment Real Estate and German residential property specialist Zentral Boden Immobilien (ZBI).
A large portion of the capital raised has already been invested.
'We are delighted to have got off to such a good start, both on the marketing side and with regard to acquisitions,' said Reinhard Kutscher, chairman of Union Investment Real Estate. 'With its initial portfolio, the fund is very well positioned to leverage opportunities in the German residential real estate markets.'
More than 50% of the initial portfolio secured by ZBI, which has a total value of €460 mln, has already been transferred to the fund. The package comprises 260 properties and 2,500 residential units with a total value of €132 mln. The transfer of the remaining sub-portfolios is scheduled for August and September.
The investment locations are chiefly in the west German cities of Düsseldorf and Gelsenkirchen. To further diversify risk, residential properties in other German federal states, such as Saxony, are also part of the transaction.
Some 70% of additional assets with a pro-rata value of €113 mln has also been transferred to Unilmmo: Wohnen ZBI. The vendor is a UK/US group of investors.
This portfolio is mainly located in the federal state of North Rhine-Westphalia, primarily in the cities of Bochum, Essen, Duisburg and Düsseldorf. It comprises 150 properties with around 2,500 residential and commercial units.
