The KanAm Grund Group has acquired an office asset located at Hansastreet 4 and 6 in Dresden with the Free State Saxony as the tenant. The property, originally built during the Wilhelminian era in 1899 has been renovated and modernized in the past two years and extends to 4,600m². The entire is occupied by the Ministry of Justice on a long term lease agreement. The seller was Aurelis Real Estate. The parties have agreed not to disclose the purchase price.
Aurelis Real Estate specializes in developing properties, upgrading existing properties for commercial tenants and building new buildings. Part of the corporate strategy is also to realize values and in return acquire new commercial properties with value creation potential in metropolitan regions.
In the past three years, the supply of vacant office accommodation in the Saxon Elbe metropolis has almost halved, currently standing at only 105,000m². The resulting vacancy rate of 4.2% is the lowest ever recorded since reunification. This lack of supply has caused a noticeable increase in rental values in the Saxon State Capital.
