German asset and investment manager KGAL has acquired a shopping centre in the Austrian town of Liezen, for an undisclosed sum.
The purchase of the ELI Liezen shopping centre marks the asset and investment manager’s seventh property acquisition for its institutional retail fund Austrian Retail Park Portfolio (ARPP).
'Our active presence in Austria continually gives us a key advantage in identifying attractive properties in a challenging market with a limited real estate offering,' commented André Zücker, managing director Real Estate at KGAL Investment Management. 'We secured the ELI as a forward deal in the project phase back in 2014.'
The two-storey complex, which opened in October 2016,has more than 50 retail outlets and restaurants over a 15,000 m2 area, plus 600 parking spaces.
The shopping centre is fully let, with Media Markt, New Yorker and dm-drogerie markt among the anchor tenants. The vendor will maintain a 10% stake in the property.
The vendor was Austrian investor Rutter Immobilien Group.
Photo credit: KGAL/ Bruno Klomfar
