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.”
