Union Investment's UniImmo: Deutschland and UniImmo: Global retail funds again delivered good performance for investors during the 2008/2009 accounting year. The Deutschland fund returned 4.3% (prior year: 8.5%) at the balance sheet date of 31 March 2009, resulting in a distribution of €3.80 per unit, of which 46.6 % is tax-exempt for private investors. The Global fund posted a twelve-month return at 31 March 2009 of 5.6% (prior year: 4.2%). €1.80 per unit will be distributed, of which 44.2 % is tax-exempt for private investors.
Despite an increase in cash outflows at the height of the general investor uncertainty following the financial and economic crisis, both funds enjoyed continued growth. UniImmo: Deutschland showed a net cash inflow of €355.8 million, while new units issued by UniImmo: Global amounted to €209.1 million. Assets under management by UniImmo: Deutschland increased by 3.8% during the accounting year to €5,373.7 million. UniImmo: Global increased in size by 13.4% to €2,083.3 million, exceeding the €2 billion mark for the first time in its five-year history. "This stable demand reflects a high degree of investor confidence that the funds will continue to perform well," says Dr. Reinhard Kutscher, Chairman of the Management Board of Union Investment Real Estate AG.
Nine properties and projects in Germany, Italy, Austria and Spain were added to the UniImmo: Deutschland portfolio, representing a total investment of €766.1 million. The occupancy rate based on rental income rose once again, from 95.1% at the start of the accounting year to 96.4%. Eleven properties and projects were purchased on behalf of UniImmo: Global at a total cost of €555.8 million, while entry into the Polish market allowed the fund to add a further core plus market to its holdings. The occupancy rate based on rental income remained characteristically high at 97.2% (prior year: 98.7%). "Despite the more challenging market environment, both funds remain well placed to provide stable rental income," says Dr. Reinhard Kutscher.
UniImmo: Deutschland had available liquidity at the balance sheet date of €1,045.1 million. In UniImmo: Global, where unit sales are actively managed via a system of allocations, €183.4 million is available for investment. "Like their sister fund UniImmo: Europa, both UniImmo: Deutschland and UniImmo: Global are ideally placed to leverage opportunities arising in the national and international property markets in 2009 and 2010," adds Kutscher.
Source: Union Investment