Union Investment organises the Award every two years to recognise European real estate investment projects that combine commercial success with sociocultural and ecological sustainability in exemplary fashion.

The Prime Property Award has gained a reputation as the real estate equivalent of the Oscars. The 2010 competition attracted an impressive
142 entries relating to properties in 19 European countries – proof of just how coveted the Award is. The 2012 competition received 160 entries from
19 countries.

Phase 1 of the competition ended on 31 December 2011.