Another attractive development project in Munich East
- KanAm Grund German Development Fund and pantera AG
- New build of a Serviced Apartment House with restaurant and underground parking
- Third joint venture with partner pantera AG
- Target investment volume of the fund over 700 million euros
Frankfurt, 21 May 2019 – For their fourth project, KanAm Grund Group's German Development Fund joined up with pantera AG to plan around 80 serviced apartments, restaurant and underground parking in Munich East. Pantera Mikro München III GmbH contributes a built-up 1,600 square meter property in Levelingstrasse 17 in the Munich neighborhood of Berg am Laim. The empty building currently occupying the property is set to be demolished. This is the third joint venture with Cologne pantera AG. The other two development projects with pantera AG involved real estate in the metropolitan area of Stuttgart, namely 121 micro apartments in Esslingen, and the construction of 200 serviced apartments at Gutleutstrasse in the center of Frankfurt am Main. For an additional project, the German Development Fund of KanAm Grund Group worked with CV Projektentwicklung to acquire the "Da Vinci Campus" office buildings, comprising around 20,000 square meters in Munich East. The first agreements to provide capital for the acquisition of the "Da Vinci Campus" from investors were called after 6 months. Further agreements to provide capital from new investors are also now on the table and shall be invested in a timely manner. The current project volume of the KanAm Grund German Development Fund is now at over 700 million euros.
The planned new-build in Munich at Levelingstrasse 17 is going to take the shape of an Apartment House comprising around 80 exclusively furnished apartments, service facilities, restaurant and underground parking. It is aimed, amongst others, at business travelers, commuters and ex-pats looking for short- to medium-term accommodation of up to several weeks.
Under the framework of the cooperation, the German Development Fund will finance the property purchase and provide the required equity and mezzanine capital. The conceptual design and management of the technical and planning aspects of the project will be in the hands of pantera AG. KanAm Grund Real Estate Asset Management GmbH & Co. KG will act as investment advisor. The aim is to sell the property to institutional investors once the conceptual design is completed.
KanAm Grund Group's German Development Fund, which was only launched last year, invests in joint ventures with well-established project developers for living space, student halls of residence, serviced apartments and offices. The fund is managed by Augeo Capital Management SA (formerly Warburg Invest Luxembourg) as alternative investment fund manager (AIFM). The target investment volume is set to be over 700 million euros, with an investment horizon of around three years. The existing investors' base comes from the Family Offices area.
About the KanAm Grund Group
The KanAm Grund Group has handled a transaction volume of over 32 billion US dollars since it was established in October 2000. The owner-managed company focuses on the individual needs of German and international investors, with the geographical emphasis being in Europe and the United States.
In order to set it up strategically to face the challenges of the future, the company was reorganized into three business divisions under the umbrella of the KanAm Grund Group: KanAm Grund Kapitalverwaltungsgesellschaft (an open-end real estate fund), KanAm Grund Institutional Kapitalverwaltungsgesellschaft (a special real estate fund) and the new KanAm Grund REAM (international investment & asset management advisory). The aim of this strategic repositioning is the significant growth of the KanAm Grund Group, as an international real estate enterprise which provides real estate investment and asset management services to German private investors, institutional investors and international investors alike, irrespective of the investment vehicles involved.