DLA Piper has advised KGAL group on the acquisition of a commercial property in Munich, known as MK5. The property is in a central location on Theresienwiese and forms part of an inner-city new development area on the former trade fair site of Munich City Council. The property is the eighth investment for the Immobilien-Spezial alternative investment fund.

Completed in 2012, MK5 is a multi-tenant project with a lettable area of approximately 10,000 m² and is located in Pfeuferstrasse in the centre of Munich. It is embedded in an urban development project on a 45-hectare site in the Munich district of Schwanthalerhöhe. The area provides an ideal infrastructure for urban living and working, with apartments, administrative and commercial buildings, restaurants, schools, kindergartens and good connections to the local public transport network.

KGAL GmbH & Co. KG, a German asset and investment manager based in Grünwald near Munich, has been initiating and managing long-term real asset investments for more than 47 years. Its range of services encompass the design and management of funds for institutional investors. KGAL has focused on the key asset areas of real estate, aviation and infrastructure. The KGAL Group manages per 31 December 2014 an investment volume of more than 22 billion euros and supports 102,000 investors (incl. multiple subscriptions) with investments in 129 active closed-end funds.

The DLA Piper team was led by counsel Dr Cornelius Frie (Corporate, Cologne) and partner Fabian Mühlen (Real Estate, Frankfurt), and included counsels Dr Björn Enders (Tax, Frankfurt) and Christiane Conrads, associates Moritz Mursa (both Cologne) and Carla Nicolai, as well as the transaction lawyers Tamara Schwenk und Konstantin Decker-Horz (all Real Estate, Frankfurt).