KGAL Article 9 fund holds first close, acquires BREEAM-certified property in Spain

KGAL Core 5 LIFE (Living Impact Fund Europe), one of the few Article 9 residential real estate funds with a European focus, has completed its first closing with hundreds of millions in capital commitments.

KGAL Investment Management said the fund is planning to invest in at least 80 percent core properties and up to 20 percent core-plus investments. KGAL Core 5 LIFE has a target volume of €400 million ($432 million) of equity.

The fund takes advantage of the current market cycle with increased initial yields and is scored against stringent ESG criteria.

“What makes KGAL Core 5 LIFE unique is its ESG scoring model, developed together with established external ESG experts,” said André Zücker, managing director of KGAL Investment Management. “We measure the fund’s environmental, social and governance objectives against more than 30 criteria — far above and beyond the industry standard. Added to this is a taxonomy check.”

KGAL Core 5 LIFE inve