KGAL acquires Perlach Plaza development (DE)

KGAL acquires €250m Perlach Plaza development in Munich (DE)

KGAL Investment Management has acquired the Perlach Plaza development in Munich. The acquisition was made on behalf of a KGAL-managed AIF and is a club deal with three institutional investors. The sellers are the project‘s developers, Concrete Capital and BHB Bautrager GmbH Bayern. The €250m development is located on the east side of Munich and comprises around 30,000m² of hotel, retail, student living space plus more than 100 private rental apartments.

 

Andre Zucker, 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 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.

 

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 a further endorsement of its quality and appeal to the market".

 

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 opportunities which meet their strategic needs".

Related News