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    <link:loc xlink:type="locator" xlink:href="529900IWRUBPP2VNQB05-2021-12-31.xsd#ubm-development_ComprehensiveIncomeAttributableToHolderOfHybridCapital" xlink:label="ubm-development_ComprehensiveIncomeAttributableToHolderOfHybridCapital" />
    <link:label id="label_ubm-development_ComprehensiveIncomeAttributableToHolderOfHybridCapital" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label_ubm-development_ComprehensiveIncomeAttributableToHolderOfHybridCapital" xml:lang="en">Comprehensive Income Attributable To Holder Of Hybrid Capital</link:label>
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    <link:label id="documentation_ubm-development_ComprehensiveIncomeAttributableToHolderOfHybridCapital" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="documentation_ubm-development_ComprehensiveIncomeAttributableToHolderOfHybridCapital" xml:lang="en">davon Anteile der Hybridkapitalinhaber</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ubm-development_ComprehensiveIncomeAttributableToHolderOfHybridCapital" xlink:to="documentation_ubm-development_ComprehensiveIncomeAttributableToHolderOfHybridCapital" />
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    <link:loc xlink:type="locator" xlink:href="529900IWRUBPP2VNQB05-2021-12-31.xsd#ubm-development_EarningsBeforeInterestTaxDepreciationAndAmortization" xlink:label="ubm-development_EarningsBeforeInterestTaxDepreciationAndAmortization" />
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    <link:loc xlink:type="locator" xlink:href="529900IWRUBPP2VNQB05-2021-12-31.xsd#ubm-development_ProfitLossAttributableToHolderOfHybridCapital" xlink:label="ubm-development_ProfitLossAttributableToHolderOfHybridCapital" />
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    <link:label id="documentation_ubm-development_ProfitLossAttributableToHolderOfHybridCapital" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="documentation_ubm-development_ProfitLossAttributableToHolderOfHybridCapital" xml:lang="en">davon Anteile der Hybridkapitalinhaber</link:label>
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    <link:loc xlink:type="locator" xlink:href="529900IWRUBPP2VNQB05-2021-12-31.xsd#ubm-development_InterestIncomeExpense" xlink:label="ubm-development_InterestIncomeExpense" />
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    <link:loc xlink:type="locator" xlink:href="529900IWRUBPP2VNQB05-2021-12-31.xsd#ubm-development_ProceedsFromTheSaleOfFinancialAssets" xlink:label="ubm-development_ProceedsFromTheSaleOfFinancialAssets" />
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    <link:loc xlink:type="locator" xlink:href="529900IWRUBPP2VNQB05-2021-12-31.xsd#ubm-development_ProceedsFromTheRepaymentOfProjectFinancing" xlink:label="ubm-development_ProceedsFromTheRepaymentOfProjectFinancing" />
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    <link:loc xlink:type="locator" xlink:href="529900IWRUBPP2VNQB05-2021-12-31.xsd#ubm-development_InvestmentsInPropertyPlantAndEquipmentAndInvestmentProperty" xlink:label="ubm-development_InvestmentsInPropertyPlantAndEquipmentAndInvestmentProperty" />
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