DEKA has acquired the Seidnitz Center in Dresden’s Seidnitz district for its WestInvest TargetSelect Shopping fund for an undisclosed sum. The previous owners, Arax Properties and Partners Group, purchased the retail property via their joint fund in March 2017. On both occasions, Savills advised the vendor throughout the entire sale process.
The shopping centre at Enderstraße 59 is almost fully let and comprises more than 33,300m², of which approximately 20,000m² is retail space. The remaining 10,300m² is office space and also includes the largest medical centre in Saxony. Aldi, Deichmann, dm and Rewe are among the anchor tenants that make the property an established district centre that has limited competition in the immediate catchment area.
Jorg Krechky, Director and Head of Retail Investment Services Germany for Savills, said: “What makes this asset such an attractive long-term investment is its high occupancy rate, the WALT of 7.2 years and the mix of offices, medical practices and retailers.“