Commercial property

Investment in unlisted property is divided between four strategies: core, core plus, value-add and opportunistic. These vary from low to high risk, and are defined by both the physical characteristics of the property and the amount of debt used to capitalise the project. We offer value add and core strategies.

Value add
 60% LTV
15-17% IRR

5-7% IRR

Core 30
Up to 30% LTV
5-7% IRR 

Value add

Value-add is synonymous with growth and associated with moderate to high risk. Properties possessing a development potential are often sublet or have short-term leases on acquisition, and hold out the prospect of improved cash flow once their development prospects have been realised. The properties often feature high vacancy, administrative challenges, postponed maintenance or a combination of all three.

We invest primarily in Norway, in the Oslo, Stavanger, Trondheim and Bergen urban regions. The funds concentrate primarily on investments in retail, residential, office, warehouse/logistics, student accommodation and social infrastructure. 

Value add funds

The manager: UNION Eiendomskapital UREF AS

Target group: Professional investors


Fund: UNION Real Estate Fund Holding 

Vintage: 2012

Fund size: NOK 1,6  bn

Phase: Fully realised

Market: Norway


Fund: UNION Real Estate Fund II Holding

Vintage: 2016

Fund size: NOK 2,55  bn

Phase: In divestment period

Market: Norway


Fund: UNION Real Estate Fund III Holding

Vintage: 2020

Fund size: NOK 2,22  bn

Phase: Fully invested

Market: Norway


Fund: UNION Real Estate Fund IV Holding

Vintage: 2022

Fund size: NOK 1,6 bn

Classification: Light green fund according to Article 8 EU SFDR

Phase: Investing

Market: Norway


Core investments are intended to generate stable income for the long term and to hedge cash flows in the most liquid part of the market. Their risk profile is low.

The fund has a broad portfolio with diversified exposure, where the properties are characterised by stable and robust cash flows combined with solid residual-value protection, as well as by a potential for value growth from realising business plans through active management.

The fund primarily acquires office buildings located in the centre of the big cities in Norway, and purpose-built premises which preferably form commercial clusters covering education, sport, health and social care, in addition to other socially beneficial service functions.

Core funds

The manager: UNION Eiendomskapital CORE AS

Target group: Pension funds, life insurance companies, foundations and insurance companies. 


Fund: UNION Core Real Estate Fund

Launched: 2016

Fund size: NOK 3 bn

Classification: Light green fund according to Article 8 EU SFDR

Phase: Fund raise /  investment 

Market: Norway


Fund: UNION Core 30

Launched: 2021

Fund size: Target NOK 1 bn

Classification: Light green fund according to Article 8 EU SFDR

Phase: Fund raise / investment

Market: Norway

Meet our investment

Our investment team comprises personnel with an average of 16 years of property experience.