German asset manager KGAL has acquired the Pasinger Hofgärten mixed-use complex in Munich in a club deal on behalf of a group of like-minded investors. The total fund investment volume - made up entirely of equity capital - was EUR 90 mln.
German asset manager KGAL has acquired the Pasinger Hofgärten mixed-use complex in Munich in a club deal on behalf of a group of like-minded investors. The total fund investment volume - made up entirely of equity capital - was EUR 90 mln.
The complex was sold by Rio real estate investment opportunities, Patria Beteiligungsgesellschaft and Gebhard Real Estate.
Colliers Schauer & Schöll provided advisory and mediation services for the transaction.
Some 14,300 m2 of the 19,300 m2 complex is used for offices and medical practices. The development also includes shops, restaurants and a public underground car park spread over seven levels.
The property was completed in 2011 and is leased to 27 tenants, including retail chain REWE, drug store chain Rossman and health insurance fund Techniker Krankenkasse.
The occupancy rate currently stands at around 91% and existing rental agreements have an average weighted remaining term of 8.5 years. KGAL said it expects the complex to be fully occupied in the near future.
The company is also working towards achieving silver certification for the complex based on the German Sustainable Building Council's sustainability system.
At end-2011, KGAL managed an investment volume of EUR 25.4 bn in real estate, aircraft, infrastructure, ships and private equity.
