Germany’s KGAL Investment Management has paid €250m (£225m) for the mixed-use Perlach Plaza development in Munich.
The project will comprise hotel, retail and student accommodation as well as more than 100 rental apartments. Around 70% of the commercial space is pre-let, with completion expected in 2022.
André Zücker, real estate managing director of KGAL Investment Management, said: “The location, scale and mix of uses that the development provides make it an ideal acquisition for KGAL and our investment partners.”
The development was sold by developers Concrete Capital and BHB Bauträger.
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