Germany based KGAL Investment Management has acquired a mixed-use project, the Perlach Plaza development, in Munich for €250 million from the project‘s developers, CONCRETE Capital and BHB Bauträger GmbH Bayern.
The 250 million euro mixed-use project is located on the east side of Munich and comprises around 30,000 square meters of hotel, retail, student living and more than 100 private rental apartments.
André Zücker, Managing Director of KGAL Investment Management with responsibility for real estate, commented: “The location, scale and mix of uses that the development provides make it an ideal acquition for KGAL and our investment partners“.
The mixed-use complex is located on the east side of Munich and directly opposite the established Perlach shopping center, PEP.
Peter Fritsche, Managing Director of CONCRETE Capital commented: “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“.
The acquisition was made on behalf of a KGAL-managed AIF and is a club deal with three institutional investors. KGAL Investment Management sourced equity involvement from three institutional investors for the club deal.
Florian Martin, Managing Director of KGAL Investment Management with responsibility for sales, commented: “This transaction further demonstrates our ability to access a wide range of investors and tailor investment oppprtunities which meet their strategic needs“
The development is expected to complete in 2022.