Potential to add value through optional reletting of sub-spaces - Independent investment and asset manager KGAL continues to push ahead with its purchasing drive. The company has acquired the modern, central Leipzig “Stadtfenster” office complex. The property will be added to a special Europe-wide real-estate AIF.
“Leipzig is one of the most dynamically growing cities in Germany and home to rising numbers of companies from diverse fields related to future-focused technology. For us, the name “Stadtfenster” [“city window”] also symbolises the positive prospects in Leipzig’s booming office market,” emphasises André Zücker, Managing Director of KGAL Investment Management GmbH & Co. KG, who is also responsible for the Real Estate asset class.
Constructed in 1996, the prestigious office development not only has a striking exterior, but also boasts total rentable space of around 22,300 m² in addition to more than 250 car parking spaces. Commerzbank is the anchor tenant, the remaining spaces in the property are currently being rented by the Free State of Saxony respectively the University of Leipzig.
The building complex is almost fully occupied and is sited directly opposite Leipzig’s historic Thomaskirche church in an attractive city location that meets a number of KGAL’s fundamental investment criteria, including very good road and public transport connections as well as extensive retail, service and restaurant facilities nearby. The office property is being sold by Commerzbank AG, with BNP Paribas Real Estate GmbH acting as the broker.
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