KGAL Investment Management has invested an undisclosed sum to buy a housing project for its sustainable German residential real estate fund.

The manager, on behalf of the KGAL Wohnen Core 3 fund, has bought the KönigsTOR residential quarter in RegensburgGrünwald.

The KönigsTOR development, scheduled for completion by mid-2023, will comprise 392 flats and six commercial units.

Christian Schulte Eistrup, the head of the international client business at KGAL Investment Management, said: ”In the eight months since the first closing of KGAL Wohnen Core 3, we have already allocated more than 70% of the fund’s €500m equity.

In addition, we have achieved excellent regional diversification with the five properties in the portfolio, as we are now represented in the west, east, north and south of Germany with KGAL Wohnen Core 3.”

The KönigsTOR asset is the fifth property for the KGAL Wohnen Core 3 fund.

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