Union Investment has acquired a 223-unit apartment complex in Berlin on behalf of its Residential Value Spezialfonds, which was launched as a €250 million single-investor fund focused on residential assets, primarily in Berlin. The fund was launched for an institutional investor on 30 June.

“We are delighted about this major mandate. Following the recent establishment of our institutional fund for retail properties, the new residential fund is further confirmation of the trust placed in our structuring expertise by institutional investors,” says Dr Christoph Schumacher, deputy managing director of Union Investment Institutional Property GmbH, based in Hamburg.

The Ortlergärten property comprises 18,313 square metres of residential space in Berlin’s Steglitz-Zehlendorf district. Terms of the transaction were not disclosed.

In other news, Union Investment has