UNIQA Real Estate Opens EUR 600 Million Office Fund to Third-Party Investors

The Vienna-based manager targets Austria, Poland and the Czech Republic, where initial yields have risen as much as 250 basis points from peak pricing.

By the Family Office Real Estate Daily Desk·Thursday, October 8, 2026·2 min read

Editorial summary of reporting byeuropaproperty.com Our editorial standards →

The answer · checked against europaproperty.com

What are the terms and strategy of the UQA Real Estate Fund launched by UNIQA Real Estate?

UNIQA Real Estate Management GmbH is launching the UQA Real Estate Fund, a closed-ended Luxembourg vehicle targeting EUR 600 million in total volume, with EUR 300 million to be raised in equity, focused on Core and Core Plus office properties in Austria, Poland and the Czech Republic. Initial yields in those markets have risen by up to 250 basis points from peak pricing. Target investors include institutional investors and large family offices from Germany, Austria, Switzerland, the Nordic countries and Central and Eastern Europe.

Key facts

UNIQA Real Estate Management GmbH is launching the UQA Real Estate Fund, a closed-ended fund targeting a total volume of EUR 600 million, of which EUR 300 million is expected to be raised in equity commitments.
The UQA Real Estate Fund will invest in Core and Core Plus office properties in Austria, Poland and the Czech Republic, with a minimum commitment of EUR 10 million per investor.
Leverage in the UQA Real Estate Fund may amount to up to 50% loan-to-value, according to UNIQA Real Estate Management GmbH.
Thomas Erdmann, Managing Director of UNIQA Real Estate Management GmbH, said initial yields in Austria, Poland and the Czech Republic have increased by up to 250 basis points compared with peak pricing.
Thomas Erdmann said new office supply in Vienna, Warsaw and Prague is extremely limited, while modern, flexible and prime-located office space in major cities continues to see strong occupier demand.
The UQA Real Estate Fund is structured as a Luxembourg SCSp, designed as an Article 8 fund under the Sustainable Finance Disclosure Regulation, with an initial term of ten years and extension options.

UNIQA Real Estate Opens EUR 600 Million Office Fund to Third-Party Investors — Image: editorial illustration · Story sourced from europaproperty.com

UNIQA Real Estate Management launched the UQA Real Estate Fund, a closed-end vehicle targeting EUR 600 million in total capital for institutional investors and large family offices. The fund will invest in Core and Core Plus office properties across Austria, Poland and the Czech Republic. The launch marks the first time the Vienna-based manager has opened its real estate platform to third-party investors after 50 years of managing assets solely for the UNIQA Group.

The fund is targeting EUR 300 million in equity commitments. Leverage may reach up to 50% loan-to-value. The minimum commitment is EUR 10 million per investor. The fund is designed for an initial term of ten years with extension options. It is structured as a Luxembourg SCSp in collaboration with an external AIFM and classified as an Article 8 fund under the Sustainable Finance Disclosure Regulation.

Target investors include institutional investors and large family offices from Germany, Austria, Switzerland, the Nordic countries and Central and Eastern Europe. The fund will pursue a conservative investment strategy focused on high-quality office properties in central urban locations within liquid markets and established transaction sizes. Sustainability criteria and building certifications form an integral part of the investment criteria.

Initial yields in Vienna, Warsaw and Prague have increased by up to 250 basis points compared with peak pricing, the firm said. Modern, flexible and prime-located office space in major cities continues to see strong occupier demand, while new office supply in Vienna, Warsaw and Prague is extremely limited, the firm said. Poland and the Czech Republic are also benefiting from dynamic economic growth.

"With the UQA Real Estate Fund, we are making our long-standing real estate expertise available to third-party investors for the first time through a dedicated investment product. Following the market correction of recent years, we are once again seeing attractive entry opportunities, particularly for high-quality office properties in central locations in Austria, Poland and the Czech Republic," Thomas Erdmann, managing director of UNIQA Real Estate Management, said.

Value creation is expected to be driven primarily by active asset management and sustainable rental growth in prime locations. UNIQA Real Estate will contribute its experience across Austria and Central and Eastern Europe and its expertise across the entire real estate life cycle. The firm's integrated platform covers key parts of the real estate value chain in-house through active asset and portfolio management.

The real estate portfolio managed by UNIQA Real Estate comprises around 200 properties with a total value of approximately EUR 3 billion and around one million square metres of lettable space.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

The 250-basis-point yield widening in Vienna, Warsaw and Prague translates to roughly four percentage points of additional entry yield on comparable assets versus 2021-2022 pricing, assuming the manager is quoting Core spreads over risk-free rates. On a EUR 10 million minimum commitment levered at 50% loan-to-value, the equity cheque is EUR 5 million per initial position. A family office writing a EUR 10 million commitment into a EUR 300 million equity raise holds a 3.3% stake, sufficient for quarterly reporting rights but unlikely to secure co-investment or advisory-board influence without bundling additional capital or negotiating separately.

The fund structure argues for this as an LP allocation rather than a direct co-GP route. The closed-end SCSp with a ten-year term and extension options resembles a traditional commingled vehicle where the manager controls asset selection, timing and exits. Family offices seeking building-level decision rights or the ability to refinance on their own timeline should evaluate whether the manager offers separate-account or programmatic joint-venture structures alongside this fund. The EUR 10 million threshold is accessible for offices deploying EUR 50 million to EUR 100 million into European real estate, but the lack of stated fee or promote terms in the source material means offices must underwrite gross-to-net conversion blind until the private placement memorandum is available.

The investment thesis hinges on rental growth in markets where new supply is constrained. Family offices should pressure-test lease-expiry schedules and in-place rents versus market on any portfolio the manager seeds into the fund at close. If UNIQA rolls in legacy assets from its EUR 3 billion proprietary book at third-quarter valuations, those properties may carry above-market rents locked in before the correction or below-market rents that require capital expenditure to reach stabilised occupancy. The former limits upside; the latter requires reserves beyond the stated equity raise.

Poland and the Czech Republic exposure adds currency risk unless the fund hedges zloty and koruna cash flows back to euros. Offices comfortable with Central European economic beta and willing to accept manager selection of individual buildings should model this as a low-teens gross IRR with 200 to 300 basis points of yield compression upside if cap rates in Warsaw and Prague revert halfway to pre-correction levels by year five. Offices requiring liquidity inside ten years or seeking to avoid Article 8 sustainability reporting should look elsewhere.

Questions this story answers

01What is the UQA Real Estate Fund and who is it targeting?

The UQA Real Estate Fund is a closed-ended Luxembourg SCSp launched by UNIQA Real Estate Management GmbH for institutional investors. It targets a total volume of EUR 600 million with EUR 300 million in equity. Target investors include institutional investors and large family offices from Germany, Austria, Switzerland, the Nordic countries and Central and Eastern Europe. The minimum commitment is EUR 10 million per investor.

02What leverage and fund term does the UQA Real Estate Fund offer?

According to UNIQA Real Estate Management GmbH, the UQA Real Estate Fund may use leverage of up to 50% loan-to-value. The fund is designed for an initial term of ten years, with extension options.

03Why is UNIQA Real Estate targeting Austria, Poland and the Czech Republic for office investments now?

Thomas Erdmann, Managing Director of UNIQA Real Estate Management GmbH, said initial yields in Austria, Poland and the Czech Republic have increased by up to 250 basis points compared with peak pricing. Erdmann also said new office supply in Vienna, Warsaw and Prague is extremely limited, while prime-located office space continues to see strong occupier demand, supporting sustainable rental growth.

04How large is UNIQA Real Estate's existing portfolio and how long has it been operating?

UNIQA Real Estate has been responsible for the UNIQA Group's real estate management for 50 years, according to the firm. Its portfolio comprises around 200 properties with a total value of approximately EUR 3 billion and around one million square metres of lettable space.

05Is the UQA Real Estate Fund an ESG-compliant vehicle?

The UQA Real Estate Fund is structured as an Article 8 fund under the Sustainable Finance Disclosure Regulation, according to UNIQA Real Estate Management GmbH. Sustainability criteria and building certifications form an integral part of the fund's investment criteria.

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Original reporting

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