Union Investment Real Estate expects to achieve its €1 bn acquisition target for its institutional real estate funds this year.

Union Investment Real Estate expects to achieve its €1 bn acquisition target for its institutional real estate funds this year.

The Hamburg-based investor has already acquired 10 properties in Europe for its institutional vehicles during the first nine months of the year. The total investment volume comes to €807 mln.

'Despite growing competition for good properties, that means we are fully on track,' said board member Christoph Schumacher. 'We still have several properties in the pipeline which promise a steady flow of rental income and will further help to reduce the overall age of the portfolio. We fully expect to meet our acquisition target of €1 bn for 2015.'

The ten new acquisitions are split across the institutional real estate retail funds and real estate special funds. 'In the current market phase, our high-performance real estate platform with its six specialist investment units really pays off,' Schumacher said.

The investments range from a Radisson Blu Hotel in Wroc³aw, through a residential complex in Düsseldorf, and to a commercial building let to Peek&Cloppenburg in Osnabrück. The investments were made exclusively in Europe, with the focus on Germany.

Union Investment also sold five properties for a total of €305 mln on behalf of its institutional real estate funds.