Union Starts $655 Million Institutional German Property Fund

Union Investment GmbH, Germany’s second-largest property fund manager, started a 500 million-euro ($655 million) fund to buy offices, shops and hotels.

The UniInstitutional German Real Estate, aimed at institutional investors, will acquire properties valued at about 20 million euros to 50 million euros, the company said today in a statement.

German property has been one of the biggest beneficiaries of the European debt crisis as investors seek a safe place to put their money. Investors poured about 2.6 billion euros into open-ended German real-estate funds in the first eight months of this year, more than three times as much as in the same period a year ago, according to data compiled by the German Funds Association BVI.

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