KGAL Investment Management has acquired part of the residential complex "Rheintal Quartier" in Wesseling for its new fund KGAL Wohnen Core 3. The scheme totals 6,218m² of rental area and will comprise 101 residential units across four buildings. Completion is scheduled for the fourth quarter of 2023. The vendor is weisenburger projekt GmbH.
"The residential development is being built in a prime location in Wesseling between Cologne and Bonn, and close to the Rhine," said Andre Zucker, Managing Director and head of real estate of KGAL Investment Management. The total site covers 3,777m² and will comprise 101 privately financed residential units as well as 39 underground parking spaces and 28 outdoor parking spaces. The apartments will have one to four bedrooms.
Sustainability is of particular importance to both KGAL and weisenburger projekt GmbH. The "Rheintal Quartier" is a sustainable project in many respects. The ESG orientation is evident, for example, in the design of the residential complex, its space efficiency, the furnishings and the buildings’ energy efficiency with local heating as the energy supply. KGAL Wohnen Core 3 invests in ESG-compliant residential properties in growth regions of Germany.
"A high investment pace with careful project selection is very important to our investors. Since the first closing in Q2 2021, we have already been able to purchase three properties with a total volume of more than €300m," said Florian Martin, Managing Director and head of the client business at KGAL Investment Management. With an equity of €445m, the fund has already exceeded its original target volume of €400m – the hard cap stands at €500m.