KGAL Investment Management is buying a €250m mixed-use development in Germany on behalf of its funds and three unnamed institutional investors.
KGAL said it has acquired the Perlach Plaza in Munich from developers Concrete Capital and BHB Bauträger.
The development comprises around 30,000sqm metres of hotel, retail, student living space as well as private rental apartments.
André Zücker, KGAL Investment Management real estate managing director, said: “The location, scale and mix of uses that the development provides make it an ideal acquisition for KGAL and our investment partners.”
Peter Fritsche, MD of Concrete Capital said: “We are delighted to have found the right investor for the project at such an early stage of its creation.
“The high demand for the commercial space in the development – around 70% is already pre-let - is further endorsement of its quality and appeal to the market”.
Florian Martin, KGAL Investment Management sales managing director, said: “This transaction further demonstrates our ability to access a wide range of investors and tailor investment opportunities which meet their strategic needs.”
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