German fund manager KGAL has sold its fully-owned Alba BauProjektManagement unit to the Austrian group Strauss & Partner Immobilien. The transaction is part of KGAL's strategy aimed at focusing on the creation and marketing of closed-end funds, the company said.

Alba BauProjektManagement, focusing on project development, project management and real estate services, has offices in the main German cities as well as in the Eastern European capital cities of Bucharest, Romania and Sofia, Bulgaria. Since its founding in 1979, Alba has been involved in the development of buildings worth over EUR 10 bn and currently has over 50 employees in Germany and CEE.

'We believe the time is now right to do long-term investments in Eastern Europe,' commented Karl-Heinz Strauss of Strauss & Partner on the acquisition.

Based in Vienna, Strauss & Partner Immobilien focuses on project development, project management and real estate management. Through the acquisition of Alba the company is seeking to increase its know-how in terms of project management, asset management as well as due diligence, particularly for third parties. The financial details of the transaction were not disclosed.

KGAL and Strauss & Partner have been working together for several years and the sale of Alba further strengthens their collaboration, the companies said.