Union Investment Real Estate GmbH is significantly expanding its direct presence in Europe’s key property markets. The Hamburg-based real estate manager opened its sixth office outside Germany last week: a local hub in London that is modelled on the office opened in Paris in 2011. The aim is to gradually establish a fully integrated team of specialists in various disciplines who will cover the entire property lifecycle. The initial team of three local investment and asset management experts working out of the London office has responsibility for the UK and Irish real estate markets, where Union Investment currently has real estate assets under management totalling around EUR 4.3 billion. Union Investment has invested some EUR 1.4 billion in London and the UK’s regional markets since the Brexit referendum, while Ireland has become significantly more important for Union Investment over the past two years across the office, residential and logistics asset classes.
“The proven quality and local expertise of this high-calibre local team will enable us to continue our 30-year success story in the UK and build on our seven-year track record in Ireland,” said Michael Bütter, CEO and Chairman of the Management Board of Union Investment Real Estate GmbH.
Union Investment is currently underallocated to the UK relative to its total portfolio of around EUR 45 billion. Given favourable conditions, the company plans to increase the proportion of UK properties in its portfolio over the next few years.
Source : Union Investment Real Estate GmbH