Union Investment and ZBI buy for residential fund
Union Investment is establishing a starting portfolio for its first open-ended private residential fund. Together with Erlangen-based real estate company ZBI, of whom Union Investment bought a 49.9 % share in March, the firm is looking for suitable packages. By the launch date of the fund on 28 July, a portfolio worth about €650mn is supposed to be in place, and equity in the same amount should also have been raised. The firm is confident it will achieve both, a Union-Investment spokesperson told TD upon inquiry. The starting package likely includes the portfolio of 2,500 apartments ZBI has just bought from Vonovia. The units came from Conwert and are located in Duisburg (1,000), Chemnitz (600), and Gelsenkirchen (150); the remainder is distributed over other cities in North Rhine-Westphalia. ZBI had also announced the purchase of another 2,500 units from an Anglo-Saxon investment group in early June. Union Investment has not commented on whether these apartments will also be included in the residential fund because negotiations are still ongoing.
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