KGAL acquires office complex in Frankfurt for real estate special fund (DE)

The KGAL Group has bought an office complex in the city of Frankfurt for one of its real estate funds. The building has been purchased for a special AIF with a forward-looking mixed-use concept. The building was completed in 2003 and comprises a total rental area of around 7,400 m².
The seven-store office complex on Bleichstrasse is equipped with modern building technology and has been fully let. Investors benefit from a highly diversified tenant structure with renowned anchor tenants.
“In view of the current major shortage of available office space in good locations, we are particularly pleased about the acquisition of this investment real estate in the financial hub of Frankfurt,” says André Zücker, Head of Real Estate of KGAL Investment Management GmbH & Co. KG.
The real estate special AIF has invested in three buildings in the office and retail segment so far, and plans to make further investments in office space, commercial buildings and retail parks.
The office block is being sold by a German real estate company with both domestic and international shareholders.
It is a project developed by FOM Real Estate GmbH, Heidelberg, which also was closely associated with the selling company.
Source: KGAL

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