Universal Investment, the Frankfurt-based investment manager, has raised €4 bn in equity over the past 12 months, managing director Alexander Tannenbaum told PropertyEU during an interview at EXPO REAL in Munich on Monday.
Universal Investment, the Frankfurt-based investment manager, has raised €4 bn in equity over the past 12 months, managing director Alexander Tannenbaum told PropertyEU during an interview at EXPO REAL in Munich on Monday.
With leverage, the figure rises to between €6 and €7 bn, he added. ‘We plan to invest those funds in the next three to five years.’
A year ago, Tannenbaum announced at Expo Real that Universal Development was targeting substantial growth of its property division in the next decade and that it was eying a portfolio of up to €14 bn. A portfolio of that size would represent about 5-10% of the company’s existing assets under management. At end-April Universal Investment had assets under management of €169 bn.
At present, the focus is primarily on Germany. ‘We also invest worldwide,’ Tannenbaum said. ‘The ratio is currently about 70:30, but in a year we expect the balance will be 50:50.’
The company is targeting offices and retail assets outside Germany, and may also invest in logistics, Tannenbaum said. Investments are channelled through the larger global investment managers such as Invesco, LaSalle Investment Management and CBRE Global Investors, he added. ‘We are looking at different areas including Canada and the US, but also Asia and Australia.’
