In June 2024, the value of the open-end real estate fund UniImmo Wohnen ZBI plummeted by 17 percent, causing investors to lose a significant amount of money. Now, the Stuttgart Regional Court has awarded compensation to an investor (Case No. 12 O 287/24) because she was allegedly misadvised by the intermediary bank. The basis for claims for damages in German law derives from various legal and contractual regulations that define the conditions for a compensation claim.
Investments in open-end real estate funds such as UniImmo Wohnen ZBI are always associated with various risks. These include fluctuations in the real estate market, value losses, vacancies, or increased renovation needs. In the field of German liability law, a distinction is made between contractual and tortious basis for claims, each of which regulates different conditions and legal consequences for compensation claims. In the context of proper investment advice, investors must be informed about the existing risks before making an investment decision, according to the commercial law firm MTR Legal Rechtsanwälte, which has extensive experience in capital market law.
Fund Overview
UniImmo: Deutschland is an open-end real estate fund specializing in investments in German properties and stakes in real estate companies. The fund aims to generate regular income through rental income and achieve sustainable value growth for investors. The fund’s investment concept is aimed at individuals pursuing a long-term investment goal and willing to take on the risks associated with real estate investments.
The fund’s structure provides that around 54% of the fund’s assets are invested in properties in Germany, while approximately 46% are allocated to other European countries. To enhance profitability, the fund can finance up to 30% of the value of all acquired properties through loans. Derivatives may only be used to hedge existing assets, which is intended to limit the risk for investors.
As an open-end real estate fund, UniImmo: Deutschland is subject to the strict requirements of German law, particularly the Civil Code (BGB). Sections 280 and 281 BGB regulate the conditions for compensation claims in the event of a breach of duty within a contractual relationship. In the event of a breach of duty, such as faulty advice or inadequate information, injured investors can assert a compensation claim. The debtor – typically the advising bank or the fund initiator – is then obliged to compensate for the damage incurred. This can be done either through financial compensation or through restitution in kind.
The most important fund data is always transparently accessible to investors. The security type of UniImmo: Deutschland is a fund, the securities identification number (WKN) is 980550, the ISIN is DE0009805507. The fund’s price chart provides information on the development of the fund’s assets and also shows the regular distributions to investors. Further information on fund volume, number of shares, distributions, and other key figures can be found in the prospectus and the essential investor information, which is available online.
In the event of damage – for example, due to a breach of duty through faulty advice or inadequate risk disclosure – injured investors can directly assert their compensation claim against the debtor. The precondition is that the legal criteria of Section 280 BGB are met. Thus, the fund not only offers the opportunity to participate in the German real estate market and benefit from regular earnings but is also subject to clear legal framework conditions that ensure investor protection.
With its focus on real estate and stakes in real estate companies in Germany and Europe, UniImmo: Deutschland offers an attractive option for investors seeking long-term value growth and stable returns. At the same time, it is important to be aware of the risks and to know and assert one’s rights – particularly the claim for compensation – in the event of damage.
Misinformation by the bank as a breach of duty
The plaintiff in the proceedings before the Stuttgart Regional Court described herself as a security-oriented investor, as reported online by Handelsblatt on May 15, 2025. Nevertheless, the Vereinigte Volksbank Böblingen recommended, among other things, participation in the open-end real estate fund UniImmo Wohnen ZBI to her. It became evident that participation in the open-end real estate fund was by no means a secure capital investment when in the summer of 2024, the value significantly dropped, and the fund lost approximately 800 million euros in value practically overnight.
The investor felt therefore misadvised by the bank and asserted claims for compensation. The Stuttgart Regional Court shared the woman’s assessment. Since the bank violated its advisory duty, it incurred liability for compensation and has to reimburse the plaintiff for the invested capital, the court decided. The ruling is not yet legally binding and the bank has already announced its intention to appeal.
Nuremberg-Fürth Regional Court: Risk misclassified
In addition to the Stuttgart Regional Court’s ruling, a decision by the Nuremberg-Fürth Regional Court dated February 21, 2025, is also likely to encourage investors of UniImmo Wohnen ZBI (Case No. 4 HK O 5879/24). The court found that the risk of the open-end real estate fund was understated in the basic information sheet, thereby misleading investors about the actual risk.
The risk indicator for UniImmo Wohnen ZBI was specified as 2 or 3. The Consumer Advice Center of Baden-Württemberg criticized that the classification was too low, and argued that the fund should have been rated with the higher risk indicator of 6.
The Nuremberg-Fürth Regional Court upheld the injunction of the Consumer Advice Center. It ruled that the risk assessment by ZBI did not meet statutory requirements, as there is no monthly revaluation of properties and no suitable benchmark is used. Therefore, the risk indicator for capital investments for small investors like the open-end real estate fund UniImmo Wohnen ZBI must be stated as 6.
Risk as a central criterion for investors
Furthermore, the Nuremberg-Fürth Regional Court explained that risk classification is a central criterion for consumers and significantly influences their investment decision. An overly low risk class misleads investors regarding their risk and constitutes a violation of the Unfair Competition Act (UWG). Therefore, ZBI is no longer allowed to advertise the fund with an overly low risk class.
The risk indicator is given on a scale from 1 to 7, where 1 indicates the lowest and 7 the highest risk. The aim is to convey transparently to the consumer what risk they are taking by participating in a capital investment.
The Nuremberg-Fürth Regional Court’s decision is also not yet legally binding, and the fund manager has already lodged an appeal.
Claim for compensation by investors
Nevertheless, the rulings of the Nuremberg-Fürth Regional Court and the Stuttgart Regional Court show that investors must not be misled about their risk when participating in an asset investment. If they were not properly informed about their risk, they can assert claims for compensation. Claims for compensation can be directed both against the fund initiator and the investment advisors if they did not adequately inform about the risks.
MTR Legal Rechtsanwälte has extensive experience in capital market law and advises investors of the open-end real estate fund UniImmo Wohnen ZBI.
Please contact us!
