Union Investment has agreed to acquire a planned micro-apartment complex in the east of Dresden’s historic city centre. The complex at Grunaer Straße 20 is scheduled for completion at the end of 2019 and will comprise 170 micro-apartments across a total rental area of 6,000m². The vendor and developer is Grundstein Bautrager. The purchase price was not disclosed. The complex is the fourth acquisition for special fund Urban Living Nr. 1. In addition to Dresden, the fund is already invested in Wiesbaden, Vienna and Graz, with further growth planned.
The building will comprise one- and two-room apartments measuring between 23 and 44m². Located in close proximity to the inner old town and Dresden’s main railway station, the scheme will not only benefit from easy access to public transport but will also provide some 100 parking spaces. Loggias, terraces and French balconies are planned, as is a green outdoor area.
“The central location in the east of Dresden’s old town is ideal for micro-apartments designed for temporary use. We are therefore confident that this area will provide a high degree of investment security going forward,” said Henrik von Bothmer, Investment Manager Micro-Living at Union Investment Real Estate. “As Dresden is a city of major economic significance for the entire region, it attracts a very high number of long-distance commuters. The new complex is specifically designed to appeal to this target group.”