Union Investment holds €150m first close

The ZBI Union Wohnen Plus open special AIF launched by ZBI and Union Investment on April 3, 2018, raised more than €150 million ($177 million) in its first closing.

The core-plus fund focuses on German residential real estate. It aims for a volume of €600 million ($706 million) of equity capital. The remaining funds will be acquired in two further subscription rounds in 2019 and 2020.

Investors include banks, savings banks, pension schemes and pension funds as well as foundations.

ZBI has already invested a portion of the capital raised in the German residential real estate market. At the start, the fund will take over a portfolio with a mid-double-digit million euro purchase price volume in southern Germany. Another portfolio, which is also located in southern Germany with a comparable purchase price volume, is in detailed examination.

“The first purchase success for our joint special AIF underlines that the German residential real estate market co