German asset manager KGAL Investment Management has bought a fully-let 15,500sqm residential development from Athora Real Estate for an undisclosed sum.

The €20.2bn manager said it has acquired the Rheingold residential complex, comprising 178 units, in Wiesbaden-Schierstein for the KGAL/HI Wohnen Core 2 special fund.

André Zücker, managing director for real estate at KGAL, said: “Through this acquisition and the recent sale of the Four West portfolio, we are continuing to optimise and enhance our residential portfolio.

“The sector will be a key focus of our ongoing strategy and we are looking at a wide range of opportunities.”

Built in 2017, the Rheingold residential complex is close to the Schierstein Harbour leisure area and is located in the renowned Rheingau wine region.