Union Investment commissions Deutsche Asset One with the management of investments and assets for a new institutional residential fund
Union Investment has awarded Deutsche Asset One the exclusive mandate to manage the assets and investments of its new special AIF “Wohnen Deutschland Spezial”. The new fund exclusively targets cooperative investors. The opening volume totals EUR 250 million and the intended target volume is EUR 750 million in equity. Deutsche Asset One has already implemented the seed investment through a nationwide portfolio comprising 2,200 apartments with a volume of EUR 200 million for the new special fund.
“We set up our first special fund with Deutsche Asset One in 2011. Thanks to its exclusive focus on residential property investments and its strong, well established market access, Deutsche Asset One is also an ideal partner for our new special AIF,” said Wolfgang Kessler, Member of the Management Board of Union Investment Institutional Property GmbH. As part of the management mandate, Union Investment will supply the investment management platform.
The investment profile of the special AIF “Wohnen Deutschland Spezial” comprises existing properties and new residential units throughout Germany with a focus on A and B cities as well as selected C cities close to growing major cities.
As part of its consultancy mandate, Deutsche Asset One will assume responsibility for deal sourcing, transaction management and asset management for the fund. “The acquired residential units will be placed in the experienced hands of a portfolio manager with a long-term outlook,” said Thilo von Stechow, Managing Partner of Deutsche Asset One. “The renewed mandate from Union Investment is a huge vote of confidence for us and an acknowledgement of our work to date. Since the start of the year, we have acquired 4,500 residential units in locations all over Germany for various clients.”