http://www.pie-mag.com/articles/4487/germany-s-union-boosts-new-real-estate-commitments-50-in-2012/
07 January 2013, 03:57 AM
Union Investment Real Estate, the German cooperative bank property
investment group, acquired new binding institutional capital commitments
and subscriptions of some €1.5bn last year, up 50% from 2011. It
expanded its product range for pension and insurance groups and added
new products for church investors, foundations and cooperative banks.
Union Investment said it won subscriptions of €620m last year for the
institutional open-ended vehicles UniInstitutional European Real Estate
and UniInstitutional German Real Estate. The latter, primarily designed
to meet the investment needs of churches, cooperative banks and
foundations, was particularly noteworthy and within five hours was
oversubscribed by a factor of more than three on the launch date of 17
October. In anticipation of the high level of interest, the capital
inflow was deliberately limited to ensure a broadly diversified investor
base; each investor was capped at a maximum subscription of €2m.
For real estate funds dedicated to institutional investors, the group in
2012 acquired some €960m in capital commitments. Of this, commitments
of around €850m were accounted for by individual mandates on behalf of
pension funds, banks and insurance companies, while €110m came from new
and follow-up subscriptions to existing funds.
Commenting on last
year, Christoph Schumacher, member of management at Union Investment
Institutional Property, said in a statement: "We have not only further
enhanced our broad range of solutions for pension funds and insurance
companies, but also addressed the investment needs of church investors,
foundations and cooperative banks."
He sees Union Investment’s
institutional business set for further growth in 2013. "We believe there
are excellent opportunities to expand our market position, especially
with regard to thematic funds and pooling vehicles." Union Investment
currently has assets under management of some €3.5bn across its
institutional real estate products. The entire real estate arm manages
around €20bn in property assets in Germany, Europe and worldwide. pie
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