New KanAm project development fund buys first property in Esslingen
The KanAm Grund Group has launched a fund for predominantly German residential project developments. The “German Development Fund” has a target volume of over €500mn. Its first acquisition is a microapartment project on Krummenackerstraße in Esslingen with a volume of around €30mn. The Cologne developer Pantera is building 121 apartments, to be completed by 2020, on approx. 4,000 sqm GFA in listed properties and new buildings on the site of a former bedspring factory. Further acquisitions from Pantera could follow, as collaboration on other real estate projects is being considered. Pantera currently has around 1,300 microapartments in the pipeline. The fund, having reached its first close with family office investors, is seeking additional microapartments, serviced apartments, and offices.
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