German fund manager KGAL Investment Management has acquired the Perlach Plaza development in Munich from the project's developers, Concrete Capital and BHB Bauträger GmbH Bayern.
The €250 mln development is located on the east side of Munich and comprises around 30,000 m2 of hotel, retail, and student living space plus more than 100 private rental apartments.
The acquisition was made on behalf of a KGAL-managed alternative investment fund and represents a club deal with three institutional investors, each of which have an equity participation.
André Zücker, managing director of KGAL with responsibility for real estate, commented: 'The location, scale and mix of uses that the development provides make it an ideal acquisition for KGAL and our investment partners.'
The mixed-use complex is located directly opposite the established Perlach shopping centre, PEP, and also includes 450 parking spaces some which will be equipped with e-charging stations.
The neighbourhood has become a focus for new residential development and there are currently around 750 new homes being built in the 'Kulturquadrat' area, KGAL said.
Peter Fritsche, managing director 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, managing director of KGAL with responsibility for sales, commented: 'This transaction further demonstrates our ability to access a wide range of investors and tailor investment opportunities which meet their strategic needs.'
Munich-based law firm Heuking Kühn Lüer Wojtek acted as legal advisor for KGAL. Taylor Wessing advised CONCRETE/BHB. Colliers International advised on the transaction.
