Open-ended real estate funds

real estate funds


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

€ 36.2 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.