German investment fund manager Union Investment said its assets under management (AUM) have increased 17% since the start of 2009, bringing total property fund assets to a new record of EUR 18 bn. Total assets in the four retail real estate funds and two institutional funds passed the EUR 18 bn mark for the first time, Union said.

German investment fund manager Union Investment said its assets under management (AUM) have increased 17% since the start of 2009, bringing total property fund assets to a new record of EUR 18 bn. Total assets in the four retail real estate funds and two institutional funds passed the EUR 18 bn mark for the first time, Union said.

With a market share of 19.2% (compared with 16.9% at the start of 2009), Union Investment describes itself as the undisputed number two among Germany's investment management companies for open-ended real estate funds. 'The market for indirect real estate investment has huge potential. The high level of confidence demonstrated by our investors and our sales partners in the Volksbanken Raiffeisenbanken banking network augurs well for the continuation of our growth strategy in the years to come,' said Reinhard Kutscher, chairman of the management board of Union Investment Real Estate and head of Union Investment's real estate segment.

Union Investment's real estate funds are currently invested in 25 national markets in Europe, the Americas and Asia. Its holdings have been expanded since the start of the year through acquisitions in the office, hotel and retail segments totalling some EUR 1 bn. 'Thanks to the funds' strong liquidity, we can continue to take advantage of opportunities in the property market on behalf of our investors,' Kutscher said.