KGAL has acquired an office complex in eastern Munich for one of its institutional special funds. The complex came from one of BlackRock’s real assets funds. The price was not disclosed.
The 8,400sqm Streitfeld Lofts office asset is located in the Munich Art District of Berg am Laim, a creative centre with a variety of studios, museums, hotels and cultural institutions. The complex consists of a renovated building built in 1967 and an extension erected in 2020.
The tenants are mainly from the IT and consulting industries.
This acquisition is KGAL’s fourth office purchase in the past six months.
“In the current market environment, we see good opportunities to secure high-quality properties with a positive long-term outlook for our investors,” said Christian Schlüter, portfolio manager at KGAL.
He added that KGAL is planning further acquisitions in the commercial and residential sectors in the coming months.
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