Purchase progresses residential portfolio strategy – KGAL Investment Management has acquired the Rheingold residential complex in Wiesbaden-Schierstein for the KGAL/HI Wohnen Core 2 special fund. The 15,500-square metre development comprises 178 residential units and is fully let.
André Zücker, Managing Director for Real Estate at KGAL Investment Management, comments: “Through this acquisition and the recent sale of the Four West portfolio, we are continuing to optimise and enhance our residential portfolio. The sector will be a key focus of our ongoing strategy and we are looking at a wide range of opportunities”.
Built in 2017, the Rheingold residential complex is close to the Schierstein Harbour leisure area and is located in the renowned Rheingau wine region. The development has strong appeal particularly to residents who work in and around Frankfurt. The location has excellent local public transport connections as well as a direct link to Frankfurt Hauptbahnhof via the Rheingau line.
The seller is Athora Real Estate S.à.r.l., which has its registered office in Luxembourg. Dietrich Sammer from law firm FPS acted as legal advisor for the seller, with Dr Gerhard Schwartz from Munich-based law firm ARQIS acting for KGAL.
The sales process was managed by Frankfurt-based NAI apollo Group as an exclusive sales order.
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