Union Investment has announced the launch of a EUR 250 mln real estate fund focusing on residential properties in Berlin. The 'Residential Value' vehicle has made the first acquisition with the purchase of Ortlergärten in Berlin-Steglitz from an unnamed French listed real estate company.

Ortlergärten offers 223 residential units with a total of 18,300 m2 of living space. The complex, developed between 1937 and 1992, has been extensively refurbished in recent years and is currently 95% leased.

Union will be responsible for the management and administration of the fund, while portfolio and asset management has been handed over to Dupuis GmbH & Co. Asset-Management. 'After the establishment of our retail special fund, this is yet another indication of the confidence institutional investors put in our expertise,' said Christoph Schumacher, deputy managing director of Hamburg-based Union Investment Institutional Property.