KGAL Investment Management has purchased "KonigsTOR" residential development in Regensburg, Germany. The up to 12-storey building will comprise 392 modern flats and six commercial units with an emphasis on daily needs. The property is scheduled to be completed by mid-2023.
The "KonigsTOR" residential quarter is divided into six interconnected buildings. The 392 flats with a total rental space of 19,442m² consist of 337 privately financed and 55 subsidised units. Of the six commercial units in the basement with a total area of 6,431m², three have been let on long leases to the Sparkasse Regensburg, full-range food retailer Rewe and food discounter Netto. They are scheduled to be ready for occupancy as early as 2022. The underground car park beneath the neighbourhood centre offers 640 parking spaces and various bicycle stands. A spacious neighbourhood square and a children's playground will be created in the open spaces. The "KonigsTOR" fulfils the expectations of a contemporary concept for neighbourhood living.
"The new, high-quality district centre "KonigsTOR" offers not only three- and four-room flats, but above all modern one- and two-room flats. It therefore precisely meets the demand in Regensburg's residential rental market," said Andre Zucker, Managing Director and Head of Real Estate of KGAL Investment Management. "Another plus for prospective tenants is the sustainable energy concept with its below-average heating costs."
"In the eight months since the first closing of KGAL Wohnen Core 3, we have already allocated more than 70% of the fund’s €500m equity," commented Christian Schulte Eistrup, head of the international client business at KGAL Investment Management. "In addition, we have achieved excellent regional diversification with the five properties in the portfolio, as we are now represented in the west, east, north and south of Germany with KGAL Wohnen Core 3.”
