KGAL buys €250m Perlach Plaza development in Munich from CONCRETE Capital/BHB

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 Bauträger GmbH Bayern.

The €250 million ($295 million) development is located on the east side of Munich and comprises around 30,000 square meters (322,920 square feet) of hotel, retail, student living space, plus more than 100 private rental apartments.

The mixed-use complex is located directly opposite the established Perlach shopping center, PEP, and also includes 450 parking spaces, some of which will be equipped with e-charging stations. The neighborhood has become a focus for new residential development and there are currently around 750 new homes being built in the “Kulturquadrat” area.