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The independent rating agency Scope has once again confirmed the rating of the open-ended real estate fund KGAL immoSUBSTANZ at a-. In doing so, Scope acknowledges the fund's continued good risk-adjusted return expectations, which are supported by a significantly above-average annual return compared to the peer group, a very high occupancy rate and fungible property sizes.
KGAL immoSUBSTANZ once again convinces the analysts at Scope with KGAL's operational asset management performance. This is reflected in an above-average annual return of 3.0% p.a. (30.04.2026), the highest within the peer group. This is the second time in a row that KGAL immoSUBSTANZ has taken 1st place in terms of performance over one, three and five years. The occupancy rate of the portfolio was also assessed positively and remains at almost full occupancy at 99.4%. Compared to the previous year, the valuation of the real estate portfolio has also improved further with regard to location quality and property sizes.
"The market environment for real estate funds remains challenging. Volatile capital markets, reluctant investors and changed financing conditions place high demands on active portfolio management," says Matthias Weber, Head of Sales Retail Business at KGAL. "This makes a clear investment strategy, consistent leasing work and the ongoing development of the properties all the more important. The high occupancy rate and stable performance of KGAL immoSUBSTANZ prove that our experienced asset management team is also creating targeted added value for investors in this market phase."
In 2026, the fund management of KGAL immoSUBSTANZ will continue to pursue a defensive investment policy. However, acquisitions are not ruled out, provided that appropriate market opportunities arise and sufficient liquidity is available. The purchase of further properties is to take place in particular in a calming macroeconomic situation.
KGAL immoSUBSTANZ invests primarily in office properties as well as basic and local supply properties in Germany and Austria. The focus is on existing properties and project developments in smaller, economically strong cities with property sizes of around 10 to 50 million euros. The portfolio currently comprises four properties with real estate assets of around EUR 68.3 million as of 30 April 2026. By type of use, the portfolio is divided into office with 66.0 percent, food retail with 22.8 percent and other retail with 11.1 percent.
