DLA Piper has advised a special real estate alternative investment fund, managed by KGAL Investment Management GmbH & Co. KG, on its acquisition of the Seerhein-Center in Konstanz, for an undisclosed purchase price. The fund is an internationally oriented special real estate AIF.

The property was constructed in the years from 1981 to 1983 and reopened in July 2018 after a renovation period of one and a half years. Of the more than 10,000 square metres of lettable retail sales area, more than half is used by Kaufland. The textile retailer Kik and the drugstore chain dm complement the range. Almost the complete rental income is achieved through retail trade with some very long contractual terms in a number of cases.

The KGAL Group is one of the leading independent investment and asset managers with an investment volume of some EUR 22.7 billion. The focus of investment is on long-term real asset investments for institutional investors in the asset classes of real estate, infrastructure and aircraft. The Group with activities throughout Europe was founded 50 years ago and is headquartered in Grünwald near Munich.

The Frankfurt-based DLA Piper team was led by Real Estate partner, Fabian Mühlen, and counsel, Dr Dennis Hog, assisted by Tax partner, Dr Björn Enders, counsel, Dr Raimund Behnes and Real Estate associates Julian Jung and Konstantin Decker-Horz. The team was supported by Cologne-based senior associate, Moritz Mursa.

The transaction was conciliated through JLL.