• Wolfgang Kessler

    Trust is our greatest asset.

    Wolfgang Kessler, Managing Director

  • Carsten Thiel

    Every balanced portfolio needs real assets

    Carsten Thiel, Fund Manager

  • Matthias Bulir

    We are always directed by our client’s mandate.

    Matthias Bulir, Fund Manager

  • Jens Völker

    Thematic funds enable more targeted and diversified investment.

    Jens Völker, Fund Manager

  • Bastian Pütz

    Special  funds deliver solutions for individual needs.

    Bastian Pütz, altern. Director Account Management Real Estate


From retail funds to special funds and thematic funds, we offer both open-ended and closed-ended real estate funds for one or more Investors.

Retail funds

We have offered open-ended retail real estate funds specially designed for institutional investors since 2004, with comparatively low minimum investment amounts. As with our other products, fund management activity is guided by clearly defined investment strategies and concrete objectives. We achieve good diversification by investing across a broad range of regions and sectors.

Clear separation of private and institutional Investors

Union Investment has always had a strict policy of restricting investment of institutional capital in the retail funds targeted at private investors. This has prevented open-ended real estate funds from being misused as a short-term investment facility.

2004 Launch of first retail fund
2 Number of retail funds
€ 6,3 billion Assets under management

Special funds

We have a more than 40-year track record as experts for special funds. For us, this category includes open-ended and closed-ended thematic funds. The main advantage of thematic funds is that they enable specialisation in a defined area. The investment activity of our thematic real estate funds is focused on a number of different sectors. Investors with specific requirements can choose to invest in a single property type, such as retail, Hotels or residential. Thematic funds are also of interest to investors seeking greater portfolio diversification. Additionally, clients avoid the need to acquire the specialist knowledge which is often required for such Investments.

1977 Launch of first special fund
7 Number of special funds
€ 1.8 billion Assets under management

Fund managers

Sören Häger

Sören Häger

Areas of responsibility

  • Fund manager of Ull GermanM
Marco Jüngling

Marco Jüngling

Areas of responsibility

  • Fund manager of DIFA-Fonds Nr. 3
  • Fund manager of UII Garbe Logistik Fonds
  • Fund manager of UII Garbe Logistics Real Estate Fund
Michael Frank Kammerzell

Michael Frank Kammerzell

Areas of responsibility

  • Fund manager of DEFO-Immobilienfonds 1
  • Fund manager of UII EuropeanM
  • Fund manager of a club deal
Georg-Christian Rueb

Georg-Christian Rueb

Areas of responsibility

  • Fund manager of Urban Campus Nr. 1
  • Fund manager of Urban Living Nr. 1
Carsten Thiel

Carsten Thiel

Areas of responsibility

  • Fund manager of Unilnstitutional European Real Estate
  • Fund manager of Unilnstitutional Infrastruktur SICAV-SIF Erneuerbare Energien (renewable energy)
Jens Völker

Jens Völker

Areas of responsibility

  • Fund manager of Ull Shopping Nr. 1
  • Fund manager of Ull Hotel Nr. 1

Short profiles of the fund managers

Sören Häger

Sören Häger joined the fund management team at Union Investment Institutional Property GmbH in Hamburg in February 2016. Since November 2021, he has been responsible as fund manager for the UII GermanM special real estate fund, which he previously co-managed.

Sören Häger has broad professional experience in the real estate sector. As a Principal Consultant, he was responsible for Portfolio Investment Germany at JLL and was previously Head of Asset and Portfolio Management at Moor Park Capital Partners for more than 7 years. As Senior Portfolio Manager at the real estate company Max Bahr, he was responsible for the repositioning of existing properties and previously worked for 5 years as a Portfolio Manager at the insurance group Alte Leipziger-Hallesche and as a project developer in the field of municipal development.

Sören Häger holds a degree in economic geography (M.A.) from RWTH Aachen University in 1999. In 2008, he completed a degree in real estate economics at the Academy of the Real Estate Industry (ADI – Akademie der Immobilienwirtschaft) by studying while working, and has been an expert for the valuation of real estate (BVFS) since 2013.

Marco Jüngling

Marco Jüngling joined the Union Investment Group in July 2006. He became fund manager of logistics funds UII Garbe Logistik Fonds and UII Garbe Logistics Real Estate Fund in 2020. At the start of 2021, he also took on responsibility for special real estate fund DIFA-Fonds Nr. 3.
Marco Jüngling started his career as a bank management assistant at a cooperative banking institution. After studying economics at Würzburg-Schweinfurt University of Applied Sciences, he then held various roles in product design and portfolio management at Union Investment.
In addition to his first degree in economics, in 2011 Marco Jüngling completed a degree in property economics at the Academy of the Real Estate Industry (ADI – Akademie der Immobilienwirtschaft) by studying while working.

Michael Frank Kammerzell

Michael Frank Kammerzell has been with the Union Investment Group since September 2011. He was appointed fund manager of UII EuropeanM and DEFO-Immobilienfonds 1 in July 2019 and is also responsible for a real estate investment limited partnership. Prior to joining Union Investment, he held various positions in the property industry with a focus on development, project management and the sale of commercial properties.

Michael Frank Kammerzell is a qualified industrial engineer (TU Darmstadt) with extensive knowledge of corporate finance and portfolio management. A specialist for European real estate fund products, he has an in-depth understanding of the requirements of institutional investors. In 2016, in addition to his first degree Michael Frank Kammerzell completed the Certified Real Estate Investment Analyst intensive programme at IREBS Immobilienakademie by studying while working.

Georg Christian Rueb

Georg-Christian Rueb has worked in institutional fund management at Union Investment since 2017. He became fund manager of special real estate funds Urban Campus Nr. 1 and Urban Living Nr. 1 in 2020.

Mr Rueb began his career at Deloitte in Munich, where he worked in fund auditing, followed by positions as fund manager and restructuring manager at MPC Capital AG in Hamburg.

He has a degree in economics from the University of Freiburg and has qualified as a Real Estate Investment Advisor (EBS). Mr Rueb has been a member of the Royal Institution of Chartered Surveyors (RICS) since 2016.

Carsten Thiel

Carsten Thiel joined the Union Investment Group in April 2004. He has been fund manager of UniInstitutional European Real Estate since October 2007. In 2012, he additionally took on responsibility for a fund specialising in renewable energy.

From 2000 to 2004, Carsten Thiel worked for the real estate subsidiary of private bank M.M.Warburg & CO. In spring 2008, Thiel acquired an MBA with a focus on finance. Prior to that, in addition to his first degree in construction management he completed a real estate course at the European Business School in Oestrich-Winkel alongside his work duties.

Jens Völker

Jens Völker has been a fund manager at Union Investment Institutional Property GmbH in Hamburg since April 2013. His main function is management of the special institutional real estate funds UII Shopping Nr. 1 and UII Hotel Nr. 1. From 2011 to March 2013, he worked at Union Investment as a senior research analyst.

From 2008 to 2010, he was an umbrella fund manager at Pacific Star Europe, where he oversaw the development of an Asian umbrella fund. Prior to that, Völker spent eight years at E.ON Energie AG, where he held various roles, working firstly as a portfolio manager for the direct real estate holdings and subsequently as an umbrella fund manager in the capital investment team for indirectly held real estate. From 1995 to 2000, he was employed as an asset manager at residential construction company Plambeck.

Jens Völker is a qualified real estate industry professional and expert real estate valuer.

Your contact

Bastian Pütz

Would you like to know more about our institutional real estate solutions? Just give me a call. I look forward to hearing from you.

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