Commerz Real and Wertgrund Immobilien have acquired “Konigshofe” in Dresden from the project developer CG Gruppe for c.€70m. The construction project is scheduled to begin in the fourth quarter of 2019 and will become part of the portfolio of the Commerz Real open-ended real estate fund Hausinvest following completion by 2022.
Located at Palaisplatz between Theresienstrasse and Wallgasschen, the “Konigshöfe” project is being constructed on the major vacant site in Dresden’s baroque district. The scheme benefits from close proximity to the Palatium, Dresden-Neustadt railway station and Dresden’s historic centre with the Church of Our Lady and the Semper Opera House.
“Konigshofe” has a net dwelling area of approx. 14,700m² with 266 underground car parking spaces and will be supplemented by a commercial area encompassing 54m². All the apartments will have a high-quality fit-out, and the stairwells and outdoor areas will have an artistic design.
"Project developments in such an attractive inner-city location tend to be rare nowadays, not only in Dresden but in the majority of dynamically developing cities in Germany,” explained Thomas Meyer, the chairman of the board of management of Wertgrund Immobilien.
Mario Schuttauf, Hausinvest’s fund manager, said: “Dresden, as a burgeoning metropolis with the growing demand for residential property in the premium sector, and the top location in the historic baroque district make “Konigshofe” a true core property.”