KGAL Group further expands its real estate stock in Austria with the acquisition of two retail parks in Kärnten. The two retail parks in Völkermarkt and St. Veit an der Glan become part of an openended special property fund in Austria, which is administered by HANSAINVEST Hanseatische Investment-GmbH regulated capital management company for services (Service-KVG).
“We have been able once again to supplement our fund portfolio in a targeted manner, thanks to our constant presence on the market through our KGAL Asset Management Österreich GmbH (AMÖ) subsidiary, along with a well-developed network of contacts in Austria. With assets under management amounting to over €1.3 billion, and commercial rental space of around 520,000 m² in total, we are long-established as one of the most important real estate investors in Austria,” comments André Zücker, Managing Director for Real Estate at KGAL Investment Management GmbH & Co. KG.
KGAL successfully acquired two attractive retail parks in Kärntner district capitals as part of this package deal. The two retail parks, with rental areas of 9,300 m² (Völkermarkt) and 6,000 m² (St. Veit), are well-sited, and have long been key retail locations for consumers in the catchment area. The mix of industry at both parks focuses on short-term demand and basic services for consumers. The properties are fully let to a total of 30 tenants. The St. Veit retail park was significantly expanded before acquisition and further enhanced with a new Müller chemist outlet.
These two investments are being included in the AMÖ Vienna-based subsidiary with the aim of achieving further synergetic effects in future. The seller of the retail parks is the company group of the Kärntner-based developer and builder Andreas Messner.
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