KGAL acquires residential-development project near Cologne, Germany

KGAL Investment Management GmbH & Co. has acquired part of the Rheintal Quartier residential complex in Wesseling, Germany, for its new fund, KGAL Wohnen Core 3. The section acquired totals 6,218 square meters (66,929 square feet) of rental area and will comprise 101 residential units across four buildings. Completion is scheduled for fourth quarter 2023.

The seller was 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 André Zücker, managing director and head of real estate of KGAL Investment Management.

The total site covers 3,777 square meters (40,656 square feet) 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.

"A high investment pace with careful project selection is very important to our investors. Since the