UNIQA Real Estate Management GmbH is launching the UQA Real Estate Fund, a closed-end real estate fund targeting institutional investors and large family offices. The fund will invest in high-quality core and core-plus office properties in Austria, Poland and the Czech Republic, focusing on central urban locations and liquid markets. UNIQA Real Estate is opening its property investment and management platform to external investors for the first time.
Key Overview
- Target fund volume: €600 million
- Target equity commitments: €300 million
- Maximum leverage: 50% loan-to-value
- Minimum investor commitment: €10 million
- Initial fund term: 10 years, with extension options
- Property focus: Core and core-plus office properties
- Geographic focus: Austria, Poland and Czech Republic
- Fund structure: Luxembourg SCSp
- SFDR classification: Article 8
- Current UNIQA property portfolio: Around 200 properties
- Portfolio value: Approximately €3 billion
UNIQA Opens Real Estate Platform to External Investors
UNIQA Real Estate Management GmbH is launching the UQA Real Estate Fund, marking the first time the company’s long-standing real estate investment and management platform will be made available to third-party investors.
The closed-end fund will focus on high-quality office properties across Europe, with particular attention to Austria, Poland and the Czech Republic.
The initiative expands UNIQA Real Estate’s activities beyond managing property investments for the UNIQA Group and allows institutional investors and large family offices to access its real estate investment platform.
Focus on Core and Core-Plus Offices
The fund will pursue a conservative investment strategy focused on high-quality core and core-plus office properties in central urban locations.
The investment strategy targets properties in liquid markets where transaction sizes are suitable for institutional investment.
The fund will also consider sustainability factors and property certifications as part of its investment criteria.
Value appreciation is expected to be pursued through active asset management and sustainable rental growth, particularly in prime locations.
Austria, Poland and Czech Republic Targeted
The UQA Real Estate Fund will concentrate its investments in Austria, Poland and the Czech Republic.
UNIQA Real Estate said it sees opportunities in central locations in these markets following the correction experienced by European real estate markets in recent years.
Thomas Erdmann, Managing Director of UNIQA Real Estate Management GmbH, said initial yields in the targeted markets have increased by up to 250 basis points compared with peak pricing.
At the same time, the company said modern, flexible and centrally located office space in major cities continues to see strong occupier demand, while new office supply in Vienna, Warsaw and Prague remains limited.
Fund Targets €600 Million
The UQA Real Estate Fund is targeting a total volume of €600 million, with approximately €300 million expected to come from equity commitments.
Leverage may reach up to 50% loan-to-value, while the minimum investment commitment for individual investors is €10 million.
The fund will have an initial term of 10 years, with options to extend the investment period.
It will be structured as a Luxembourg SCSp and will operate in collaboration with an external alternative investment fund manager.
The fund is classified as an Article 8 fund under the Sustainable Finance Disclosure Regulation (SFDR), incorporating sustainability considerations into its investment framework.
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Targeting Institutional Investors and Family Offices
The fund is designed primarily for institutional investors and large family offices.
Target markets for investors include Germany, Austria, Switzerland, the Nordic countries and Central and Eastern Europe.
By opening its platform to external capital, UNIQA Real Estate is extending its existing property investment expertise to investors seeking exposure to European office real estate.
UNIQA Brings 50 Years of Real Estate Experience
UNIQA Real Estate has managed the UNIQA Group’s real estate portfolio for approximately 50 years.
Its integrated platform covers key parts of the real estate value chain internally, providing experience in investment and asset management.
The company currently manages around 200 properties with a total value of approximately €3 billion and around one million square metres of lettable space.
The UQA Real Estate Fund builds on this existing platform and extends its investment management capabilities to third-party investors.
Sustainability Remains Part of Investment Criteria
Sustainability considerations and certifications will form part of the fund’s property investment criteria.
The strategy will focus on high-quality properties in central locations while considering the sustainability characteristics of potential investments.
The fund’s Article 8 classification under the Sustainable Finance Disclosure Regulation provides the framework for incorporating sustainability-related considerations into its investment approach.
Outlook
The UQA Real Estate Fund gives UNIQA Real Estate a new channel for deploying its established property investment expertise beyond the UNIQA Group.
With a €600 million target volume, the fund will focus on core and core-plus office properties in Austria, Poland and the Czech Republic, particularly in central urban locations.
Its strategy combines active asset management, sustainable rental growth and sustainability criteria, while the targeted markets are described as offering opportunities following the recent correction in European office property pricing.
The fund’s launch also allows UNIQA Real Estate to build a third-party investment management business around its existing portfolio management experience.
FAQs
1. What is the UQA Real Estate Fund?
It is a closed-end real estate fund launched by UNIQA Real Estate Management GmbH for institutional investors and large family offices.
2. What properties will the fund invest in?
The fund will focus on high-quality core and core-plus office properties in central urban locations.
3. Which countries will the fund target?
Its geographical focus is Austria, Poland and the Czech Republic, including major cities such as Vienna, Warsaw and Prague.
4. How large is the fund expected to be?
The fund is targeting €600 million, including approximately €300 million in equity commitments, with leverage of up to 50% loan-to-value.
Sources: assetphysics, Business Forum, Aurum PropTech, Eurobuild CEE
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