Our funds for private customers

Our open-ended real estate funds provide private investors with the opportunity to invest in broadly diversified portfolios that are actively managed by Union Investment, even where only modest amounts are available. The individual funds focus on different regions and have different risk-return profiles.

A stable foundation for investing in tangible assets

€ 32.5 billion

Amount invested in our open-ended real estate funds for private customers

We have been making the same product promise to our investors for over 50 years: dependable investment with a balanced risk-return relationship. We regularly receive top marks from rating agencies for our high level of expertise in property management and tenant management.
These independent assessments also highlight our strong international capabilities, while our open-ended real estate funds likewise regularly perform very well in industry Ratings.

Broad-based product family

We offer our investors a range of opportunities across different real estate funds that deliver attractive performance. The Unilmmo funds are marketed exclusively through our partners in the cooperative “Volksbanken und Raiffeisenbanken” network. immofonds 1 is targeted at private investors in Austria.

UniImmo:Deutschland Alexa Berlin

Unilmmo: Deutschland

The fund invests primarily in Germany. It also holds real estate assets in European cities such as Vienna, Paris and London.

UniImmo:Europa Barcelo Raval Barcelona

UniImmo: Europa

The fund’s focus is on European real estate locations, with ancillary investment in the Americas and Asia-Pacific.

UniImmo:Global One Coleman London

UniImmo: Global

The investment focus of our global retail fund is on the Americas, Asia-Pacific and Europe.


UniImmo: Wohnen ZBI

The Unilmmo: Wohnen ZBI investment universe comprises residential property of varying sizes and many different structures across Germany.

immofonds 1 Ramada Hotel Innsbruck

immofonds 1

immofonds 1 invests in office, commercial and mixed-use real estate in Austria and Germany.

About fund management

Find out more about our fund managers: UniImmo: Deutschland, UniImmo: Europa and UniImmo: Global.

Thomas Röhrs

Head of Fund Management
UniImmo: Deutschland

+ 49 40 34919 4164

Broer Kalow

Broer Kalow

Head of Fund Management
UniImmo: Global
+49 40 34919 4713

Axel Kleinefenn

Axel Kleinefenn

Head of Fund Management
UniImmo: Europa
+49 40 34919 4442

Profiles of our fund managers

Thomas Röhrs

Thomas Röhrs has worked in fund management at Union Investment Real Estate GmbH in Hamburg since July 2008. As Head of Fund Management for UniImmo: Deutschland, he is responsible for the performance, management, strategic direction and control of this open-ended real estate fund.

Prior to taking up his current position, Mr Röhrs was employed in various roles at investment management company WestInvest between 1995 and 2008. He was responsible for marketing the WestInvest retail funds up to 2004, first as sales director and then as head of sales. From 2005 onwards, he worked in an investor management role, supporting institutional investors and carrying out key sales support tasks. Thomas Röhrs then took over the position of fund manager of open-ended real estate fund WestInvest 1 in 2007. Mr Röhrs was an officer in the German armed forces until 1994. He studied business administration at the University of the German Armed Forces in Hamburg.

Broer Kalow

Broer Kalow has been head of fund management of the open-ended real estate fund UniImmo: Global since October 2020. He previously worked in fund management at Union Investment Real Estate GmbH from October 2010 to June 2018.

From July 2018 to September 2020, Broer Kalow was responsible for the management of open-ended and closed-ended investment vehicles for institutional investors at Warburg-HIH Invest Real Estate as senior fund manager and authorised signatory.

He started his career at Ernst & Young, where Broer Kalow worked in due diligence and valuation of real estate and loan portfolio transactions from October 2006 to October 2010.

Axel Kleinefenn

Axel Kleinefenn joined Union Investment Real Estate GmbH's fund management team in March 2021. He is responsible for the performance, management, strategic direction and steering of the UniImmo: Europa open-ended real estate fund.

Axel Kleinefenn worked already for Union Investment from May 2002 to March 2009, initially as a research analyst and then as a fund analysis and portfolio management specialist. In April 2009, he moved to fund management at Warburg-HIH Invest Real Estate GmbH. Since April 2016, he has been Head of Fund Management, most recently responsible for a eighteen-member team of fund managers and analysts.

EU Disclosure Regulation


The EU Disclosure Regulation, which comes into force on 10 March 2021, obligates financial market participants to be more transparent when it comes to sustainability. It is the first major milestone in the implementation of the EU Action Plan for Sustainable Finance that aims to achieve the goals of the Paris Climate Agreement, among other things.

The Union Investment Real Estste GmbH informs its investors about taking sustainability risks in consideration and about adverse sustainability impacts as follows:

Treatment of sustainability

The following description explains how sustainability risks are handled for the investment funds managed by Union Investment Real Estate GmbH (LEI 529900H8T3O0RWWDJA96).

Sustainability risks are environmental, social or governance events or conditions that, if they occur, could have a material impact – either actual or potential – on the value of the fund’s investments.

Sustainability risks are an integral part of known risks such as market risk, liquidity risk, counterparty risk and operational risk, and can influence the significance of these.  

I. Investment decisions

At Union Investment, investment decisions are made on the basis of a fundamental assessment process. The principle of ESG integration is also embedded into all investment decisions. ESG integration is understood as the systematic consideration of sustainability factors during each of the key steps of the investment process. These sustainability factors include environmental, social and governance matters.

At Union Investment, a team of internal sustainability experts is responsible for integrating sustainability factors into the fundamental assessment process. The team deals for example with special types of real estate and countries which, due to specific events and/or structural trends, are particularly significant in terms of risk, income and valuation when sustainability aspects are taken into account. The team issues investment signals and recommendations for all the real estate, real estate funds, real estate companies and fund managers concerned.

II. Incorporating sustainability risks into investment decisions

Risk managers and sustainability experts analyse the most material sustainability risks for the respective property or real estate fund, thus adding information on financially significant sustainability risks to the classic acquisition due diligence.

The results of the ESG analysis are placed on record together with individual sustainability factors. The Union Investment fund managers have access to these documents, which enable them to assess the sustainability risks inherent in portfolios and base their investment decisions on their findings.

In order to minimise sustainability risks, the fund managers seek constructive dialogue with the asset managers responsible for servicing and developing the real estate. The goal is to actively develop the portfolios with reference to opportunities and risks that may be connected with sustainability factors (Manage to Green). 

III. Impact on returns

In the long term, the way in which sustainability factors are treated can have a material impact on how the value of an investment develops. Real estate with insufficient sustainability standards may be more susceptible to event risks, reputational risks, regulator risks, litigation risks and technology risks. These sustainability risks can for example affect business operations, property value, the continued rentability of the property and the way in which it is managed. If these risks materialise, the investment could be negatively valued with a corresponding impact on the fund’s returns.

Change history:

10.03.2021: Initial publication

Information regarding adverse sustainability impacts

At present, the Union Investment Real Estste GmbH (LEI: 529900H8T3O0RWWDJA96) does not consider adverse impacts of investment decisions on sustainability factors. The market does not yet have sufficient volumes of the key data required to determine and weight these adverse sustainability impacts.

Starting on 30 June 2021, the company intends to start taking into account the most significant adverse impacts of investment decisions on sustainability factors when making its investment decisions.

Change history:

10.03.2021: Initial publication

To the sustainability portal of Union Investment