Residential fund launched by Union Investment and ZBI taps into new investment opportunities
In summer 2017, Union Investment set another milestone with the launch of Unilmmo: Wohnen ZBI. This open-ended real estate fund offers private investors the opportunity to invest in a wide range of German residential property. The fund is the result of an alliance with ZBI Zentral Boden Immobilien AG.
With EUR 620 million raised in the first subscription phase, Unilmmo: Wohnen ZBI became the largest residential-focused open-ended real estate fund in Germany from day one. It was seeded with 410 properties comprising some 5,000 residential units. Unilmmo: Wohnen ZBI focuses on properties that offer affordable living space for the wider population, with medium to high amenity value. Geographically, the fund is open to investment opportunities throughout Germany. The initial focus of the acquisition portfolio was on the federal state of North Rhine-Westphalia, including cities such as Düsseldorf, Bochum and Essen, as well as on Saxony.
The way was paved for the fund launch when Union Investment took a stake in the ZBI Group in March 2017. Union Asset Management Holding AG acquired 49.9 per cent of the shares in a newly formed partnership holding company, thereby creating a strong basis for collaboration with residential real estate specialist ZBI.