Union Investment funds poised for more acquisitions

Union Investment has said its UniImmo: Deutschland and UniImmo: Global funds are set for more acquisitions after a period of good performance in their 2008/2009 accounting year.

The Deutschland fund returned 4.3% (previous year: 8.5%) at the balance sheet date of 31 March 2009, resulting in a distribution of EUR 3.80 per unit, of which 46.6% is tax-exempt for private investors. The Global fund posted a 12-month return of 5.6% (previous year: 4.2%). EUR 1.80 per unit will be distributed, of which 44.2 % is tax-exempt for private investors.

Assets under management by UniImmo: Deutschland increased by 3.8% during the accounting year to EUR 5.4 bn.

UniImmo: Global increased in size by 13.4%, exceeding the EUR 2 billion mark for the first time in its five-year history. 'This stable demand reflects a high degree of investor confidence that the funds will continue to perform well,' said Reinhard Kutscher, chairman of Union Investment Real Estate.

Nine properties and projects in Germany, Italy, Austria and Spain were added to the UniImmo: Deutschland portfolio, representing a total investment of EUR 766 mln. Eleven properties and projects were purchased on behalf of UniImmo: Global at a total cost of EUR 556 mln.

Kutscher said that UniImmo: Deutschland had available liquidity at the balance sheet date of over EUR 1 bn. In UniImmo: Global, where unit sales are actively managed via a system of allocations, EUR 183.4 mln was available for investment. 'Like their sister fund UniImmo: Europa, both UniImmo: Deutschland and UniImmo: Global are ideally placed to leverage opportunities arising in the national and international property markets in 2009 and 2010,' added Kutscher.