KGAL's Austrian fund buys mall on Slovakian border

German investment manager KGAL has added a fifth retail park to its Austrian Retail Park Portfolio (ARPP).

Galleria Danubia Hainburg is a 40,000 m2 property on the eastern side of Lower Austria province, close to the Slovakian capital Bratislava. Financial details of the transaction were not disclosed.

The centre was opened in March 2015 after being developed by construction firm Halpin for a €25m investment. The 25 stores are fully let to tenants including C&A, Lidl and Merkur.

KGAL’s Austrian-focused fund has been investing in shopping centres and retail parks across the country since December 2012. Its first four acquisitions gave the portfolio a total volume of €1.1 bn.

‘KGAL's presence and network in Austria give us the certainty that we will continue to be able to identify and acquire attractive properties in the extremely competitive Austrian market,’ said head of real estate André Zücker.