Real estate
Real estate is where our story began in 1968. Across Europe, we invest in the places that shape everyday life — from homes and workplaces to retail spaces and public buildings. Today, it remains a cornerstone of KGAL’s real assets expertise.
Where real economies live and work
Nearly six decades of real estate experience underpin our investment approach. Across Europe, we manage residential and commercial property for pension funds, insurers, foundations and other institutional investors.
- €7.7bn+
- Assets under management
- €25bn+
- Cumulative transaction volume
- 1,000+
- Transactions across 14 European cities
- 3.2M m²
- Lettable space under management, 96.9% let
- Since 1968
- KGAL’s founding asset class
Managing real estate across the life cycle
Performing core portfolios are at the heart of our real estate platform today, supported by deep capabilities in repositioning, development, portfolio financing and specialised real estate. Together, they give us the flexibility to respond as markets and opportunities evolve.
- Income potential We focus on strong locations where dependable income from creditworthy tenants can be secured at acquisition or created through active asset management and repositioning.
- Built to evolve Even stable assets need to evolve. We actively manage properties throughout their life cycle, repositioning and refurbishing where we see the potential to protect or enhance long-term value.
- Opportunity through repricing Dislocation can create opportunity. Deep market relationships and origination capabilities, particularly in Germany and Austria, position us to act selectively when pricing and fundamentals align.
- Value through transformation Our capabilities span manage-to-green strategies, conversions and urban development, transforming assets to meet evolving occupier, market and energy requirements.
- Making affordable housing investable Europe’s housing shortage creates a significant need for new approaches. We work with public and private partners to develop structures that can mobilise institutional capital for affordable housing at scale.
- Responsible by design Asset-level decarbonisation pathways and energy-efficiency measures are integrated into our approach to managing and improving real estate.
Real estate shaped by changing needs, grounded in lasting value.
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Residential & Living
The growth engine. Pan-European residential in structurally undersupplied markets.
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Office
The foundation since 1968. Prime assets in European gateway cities, selected for low obsolescence risk.
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Retail & Mixed-Use
The income play. Grocery-anchored retail parks and urban mixed-use with resilient footfall.
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Social & Public
The steady earner. Healthcare, education and public-sector assets on long, indexed leases.
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Data Centres
The frontier. Supply-chain and technology-driven demand, built together with our infrastructure team.
Our real estate portfolio
Positioning real estate for the future
Imagining and creating the future in our sites
We look at what an investment is, and at what it could become. That takes research, judgment and the willingness to act on both. 60 Gracechurch Street, a fully let office building in the City of London in our portfolio, could simply have been held for its income and sold in a favorable market. We saw something else: a site beside the City’s cluster of towers, one of the few locations where a high-rise can still be approved. We built our exit strategy around a tower concept of more than thirty storeys, tested against the City’s planning framework and taken into the planning process. That investment case was marketed, not the building alone. Today the high-rise is being realized by an international investor, and we captured part of its value for our investors at exit.
Enhancing value in our real estate assets
Value in real estate comes from buying at the right time, price and location, and from ownership afterwards. We acquired Jannowitz Center, a large, modern riverside office building in central Berlin, as a stable investment with a strong tenant base. Yet the building was not serving the demanding needs of today’s tenants: rents were moderate, and the leases would in time expire. Our underwriting centered on the tenants, how their requirements would develop and what we could offer in return. We opened that conversation immediately after the purchase and adapted the building where it made the difference. Creating a better building for our tenants, long-term visibility of enhanced rental income, and delivering significant value for our investors.
Investing in the future of living
How people live is changing, and the places that serve daily life, where people meet, eat, shop and come home, are where we see lasting value. Neuperlach, in the east of Munich, was built in the 1960s and 70s as one of Germany’s largest planned housing districts: well connected, home to tens of thousands of people, and without a real center. Perlach Plaza gives it one. We committed to the development while it was still under construction, and took an active part in crafting the setup and bringing the neighborhood together: a market square and a park, everyday shopping and restaurants, a hotel, homes for families and students, all above a subway station. Long-term anchored value created for our investors and a whole neighborhood.
