Tuesday, 29 September 2026
UNIQA Real Estate is launching a new fund targeting up to €600m of office investment, with Austria, Poland and the Czech Republic forming the principal geographic focus. The move follows the company’s decision to open its property investment platform, previously used for UNIQA Group assets, to external institutional capital.
The UQA Real Estate Fund will seek established office properties in central locations, concentrating on assets with stable income as well as buildings where rental performance can be improved through active management. Environmental performance and recognised building certifications will also form part of the acquisition criteria.
The fund is targeting €300m of equity commitments and may use debt financing of up to 50% loan-to-value, providing capacity for a portfolio of approximately €600m. Individual investors will be required to commit at least €10m. The vehicle will initially run for ten years, with options to extend its duration.
Structured as a Luxembourg SCSp with an external alternative investment fund manager, the fund is intended to qualify under Article 8 of the EU Sustainable Finance Disclosure Regulation. UNIQA is targeting institutional investors and larger family offices from markets including Germany, Austria, Switzerland, the Nordic countries and Central and Eastern Europe.
The strategy is being launched after a significant repricing of European office property. UNIQA estimates that entry yields in its target markets have increased by as much as 250 basis points compared with previous peak pricing. At the same time, the company sees restricted development pipelines in Vienna, Warsaw and Prague as supportive of rental prospects for modern offices in established locations. The yield assessment represents UNIQA’s view of current market conditions rather than an independently measured figure.
The new fund marks a broader change in UNIQA Real Estate’s business model. Earlier in September, the company announced that it would begin managing capital for third-party investors through funds, individual mandates and joint investment structures. Until now, its platform had primarily been responsible for property held by the UNIQA Group.
UNIQA Real Estate currently manages around 200 properties with approximately one million sqm of lettable space and a reported value of about €3bn. Its portfolio covers offices, residential property, retail and hotels, with assets concentrated in Austria and CEE markets including the Czech Republic, Slovakia, Hungary, Poland and Romania.
The launch creates a new potential source of institutional capital for the Vienna, Warsaw and Prague office markets at a time when investment pricing has adjusted and development activity remains constrained. Rather than expanding UNIQA’s insurance-owned property portfolio alone, the new structure allows the company to use its existing regional investment and asset-management platform to deploy capital raised from external investors.
