KGAL acquires office and commercial building MONA in Moosach, Munich (DE)

The KGAL Group has purchased the shares of its joint venture partners SALVIS Consulting AG and OFB Projektentwicklung GmbH in the project company of the local shopping center MONA in the Munich district of Moosach for its first special AIF (alternative investment fund) for institutional investors. The multi-functional office and commercial building with around 32,500 m² of gross floor space is due to open at the beginning of October 2014.

The building complex, which has five floors above ground and two underground, in close proximity to the Olympia-Einkaufszentrum shopping center and underground station comprises retail outlets, doctors’ surgeries and restaurants over an area of around 20,800 m². In addition to this, there is a spacious multi-storey car park with 200 parking spaces. An additional advantage is its direct access to the underground station from the lower level. At the time of the acquisition, around 60 % of the commercial spaces had already been let. Nineteen rental agreements with companies such as ALDI, Kaiser’s Tengelmann, dm-drogerie markt and Cyberport have so far been signed. The different types of tenants ensure a diverse range of available services and products. This means that the commercial center is able to fully perform its function as a local shopping center in the highly frequented micro-location of Moosach. The building is set to receive the sustainability certificate “LEED Gold”.

This estate forms is part of KGAL’s first alternative investment fund (AIF) in the form of a club deal, in which several institutional investors have participated. “With the acquisition of the local shopping center MONA, KGAL is pursuing its strategy of acquiring contemporary commercial real estate in locations with a high frequency of visitors,” explains Stefan Ziegler, Managing Director of KGAL Investment Management GmbH & Co. KG. KGAL already acquired the district center Pasinger Hofgärten in Munich in 2012.

The seller of the project company Horus Projektentwicklungs GmbH is a joint venture of OFB Projektentwicklung GmbH from Frankfurt with SALVIS Consulting AG from Munich. The transaction was managed by Colliers International München GmbH. The sellers were advised by GÖRG and the law firm Keller Menz. KGAL’s advisers were Drees & Sommer Projektmanagement und bautechnische Beratung GmbH, as well as the law firm Labbé & Partner, both based in Munich.

Source: KGAL

Related News