Heitman acquires resi development in Dresden (DE)

Heitman acquires resi development in Dresden (DE)

Heitman has entered into an agreement to purchase a residential development in Dresden, Germany, on behalf of an affiliate of the firm. The vendor is CG Gruppe AG, one of the leading developers of rented-residential assets in Germany. The development known as “Carre Lobtau” is located on the southern edge of the Friedrichstadt district among a number of historic buildings and amenities located within its immediate vicinity. It benefits from easy access to a variety of public transport options, including tram, bus, and train lines, that provide connection to Dresden’s city centre and ample connections to all areas of the city. The purchase price was not disclosed.

 

The property is composed of 148 residential and two to four commercial units with flexible floorplans. The residential units will include a mix of one-bedroom, two-bedroom, and three- and four-bedroom units, which will include a terrace, loggia, or a balcony depending upon the specific layout. Upon completion, the property will also include 116 parking spaces.

 

“We are pleased to complete this acquisition and add this residential asset to our pan-European property portfolio. The living sectors, which include rented apartments, student, and senior housing, represent an attractive combination of stable income and growth for a European or global portfolio,” said Tony Smedley, Heitman Managing Director and Head of European Private Equity. “This rented-residential asset is consistent with our strategy of investing in undersupplied sectors and growing urban environments that position our portfolios to capture long-term growth, while also providing defensive characteristics during this late stage in the cycle.”

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