Corpus Sireo Real Estate has acquired the Florentinum retail property in Dresden from Axa Investment Managers for the property portfolio of Swiss Life Asset Managers. The building at 10 Prager Strasse underwent extensive modernisation back in 2003 and currently has 15 commercial tenants including Globetrotter, H&M and Orsay. The parties have agreed not to disclose the purchase price.
In addition to just under 13,000m² of retail space, the Florentinum also has a total of around 3,200m² of office space and around 2,800m² of residential space. The building also has 107 car parking spaces. The 1A commercial location of the mixed-use property set in the heart of Dresden city centre is a very popular spot with a high footfall.
Florian Bauer, who is responsible for the real estate business of Swiss Life Asset Managers in Germany, said: “The acquisition of the Florentinum in Dresden has allowed us to add a top asset to our portfolio. Its location in Dresden city centre couldn’t be more ideal. The city on the Elbe River is also experiencing ongoing population growth and is among the German cities rated as having the highest quality of life. This meets our criteria for success.”
