KGAL is investing in a Hamburg office asset – a six-storey asset in Winterhude – for a German alternative investment fund.
André Zücker, managing director of real estate at KGAL, said the asset’s location held “great promise for the future”, citing modern architecture in an “attractive environment for an ideal work/life balance”.
The 25,790sqm office was built in 2006 and is fully let to publishing house Jahreszeitenverlag.
KGAL said it was planning further investments for the AIF in both the office and retail sectors.
The company’s chief executive, Gert Waltenbauer, recently said that, despite KGAL’s international focus, the UK’s referendum decision to leave the European Union would have no effect on the future development of the asset manager, as KGAL had maintained business relations with non-EU countries for years.
“Even after Brexit, the UK will remain a financially strong and reliable partner for KGAL,” Waltenbauer said.