Asset and investment management firm KGAL has acquired the Sachsenring-Ensemble in Cologne, Germany from MEAG for an undislosed sum.
'The Sachsenring-Ensemble is an ideal addition to KGAL's portfolio, which is made up of properties located in the hearts of Germany’s strongest growth regions,' commented André Zücker, managing director of KGAL Real Estate.
Located towards the south of the city centre, the asset was acquired for a real estate special alternative investment fund (AIF). The property comprises three buildings with 14,300 m2 of rental space, which is currently 98% let.
Vendor MEAG is asset manager for insurers Munich Re and ERGO. MEAG was advised by BNP Paribas during the sale process.
The purchase comes after KGAL's other recent buys in Hamburg, Berlin, Düsseldorf and Munich.
