DEFO renamed Union Investment Institutional Property (DE)

Union Investment's institutional real estate activities have been brought under the umbrella brand of Germany's third-largest asset manager. With effect from May 29, 2009, DEFO - Deutsche Fonds für Immobilienvermögen GmbH, a specialist provider of institutional property funds established in 1977, has become Union Investment Institutional Property GmbH.

DEFO's new name coincides with an expansion of the company's management team, with Ingo Hartlief joining Martin Eberhardt and Wolfgang Kessler. Occupying the new position of Chairman of the Management Board, Hartlief is tasked with growing the company's business with institutional customers. He has been a board member at sister company Union Investment Real Estate AG since 2002.

"The new name is linked to a long-term growth strategy in the institutional property sector," says Hartlief. Union Investment plans to steadily expand its market-leading position in Europe, in part by offering institutional investors a broader range of products. These include tailored fund solutions to meet the property investment needs of both existing and new customer groups. Union Investment currently has assets under management of some €2.5 billion across three institutional real estate funds.

"Bringing all Union Investment's real estate activities together under the same brand marks an important strategic step," says Dr. Reinhard Kutscher, head of real estate at Union Investment. "The positioning of an investment management company geared towards the specific requirements of institutional customers will also ensure that our institutional business is more focused and better prepared for future growth."

Source: Union Investment Real Estate AG

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