Highlights
Press release
Scope confirms fund and asset management rating for the real estate division of Union Investment
Scope Fund Analysis has updated the ratings of 21 open-ended real estate funds. Only one fund improved its rating: our UniImmo: Global. The rating of nine funds remained stable – as did that of all other open-ended real estate funds from Union Investment.
UniImmo: Global improves by two grades to ‘bb+’
Despite the challenges of the current market environment, UniImmo: Global was able to improve its rating by two grades in the latest Scope rating. Our internationally investing fund is now rated ‘bb+’ (previous year: bb-). UniImmo: Global again received high marks for the geographical diversification and quality of location of its property portfolio. Scope also found that there is only a low risk from the leases to sole tenants and the tenant concentration. The fund's occupancy rate rose slightly from 92.8 per cent to 93.4 per cent compared to the previous year.
Ratings for Union Investment´s open-ended commercial real estate funds remain stable
While Scope downgraded a total of 11 funds, the ratings of our other open-ended commercial real estate funds remained stable. As in the previous year, UniImmo: Deutschland was awarded an ‘a’ rating. The fund thus maintains its position among the highest-rated commercial real estate funds for private investors. The sustainability and financial structure ratings are among the top three in the industry. According to Scope, the property portfolio is well positioned, particularly in terms of its location and the low risk of tenant concentration. The occupancy rate of UniImmo: Deutschland has increased slightly from 96.0 per cent to 96.1 per cent compared to the previous year.
UniImmo: Europa retains ‘bbb’ rating
Scope also confirmed the rating of UniImmo: Europa. As in the previous year, it received a ‘bbb’. Scope particularly emphasises the recent sales with excellent earnings contributions. For example, the ‘Fünf Höfe’ quarter in the centre of Munich, the Shibuya Prime Plaza office property and the J6 Front office and retail building in Japan's capital Tokyo were recently sold at a profit. The fund also received high marks from Scope for the geographical diversification and quality of its property portfolio.
Open-ended real estate funds for institutional investors maintain top rating
Our open-ended real estate funds for institutional investors also performed extremely well once again: UniInstitutional German Real Estate retained its ‘a+’ rating, while UniInstitutional European Real Estate was awarded an ‘a’ rating. Both funds therefore continue to be in the highest rating category.
Union Investment receives top rating of ‘AAA (AMR)’ for the 10th time
For the tenth time in succession, the Scope rating agency has also awarded the highest possible rating of ‘AAA (AMR)’ to the asset management of Union Investment's real estate division. This confirms the excellent quality and expertise of Union Investment in the asset management of real estate. With real estate assets under management totalling €57 billion and around 500 properties, Union Investment is one of Europe's largest real estate managers.
4 June 2024
