German real estate investment company Deutsche Investment has purchased the Altmarkt Karree building and heritage site in Dresden from Quantum Immobilien. The two parties agreed not to disclose the selling price.
The Altmarkt Karree complex comprises residential and commercial units in the historic town centre of Dresden, providing 321 residential and 37 commercial units on a gross lettable area of around 39,500 sqm.
The two parties agreed not to disclose the selling price.
Between 1953 and 1960, Altmarkt Karree was built in the neoclassicist style directly next to the Altmarkt square in Dresden which hosts one of the most time-honoured Christmas Markets in Germany, the so-called “Striezelmarkt.” The listed complex consists of 24 buildings grouped directly around Altmarkt-Galerie, one of the biggest shopping centres in Dresden. In combination with the commercial tenants of Altmarkt Karree, the Altmarkt square has evolved into one of the most popular spots for eating out and promenading in Dresden.
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“The city of Dresden has developed into a key location for our corporate conglomerate, and it is safe to say that we have grown quite fond of its cultural and architectonic diversity,” said Enver Büyükarslan, the main shareholder of Deutsche Investment KVG.
“This is something we would like to share with our tenants, and so it is important for us to be in close proximity to them. Indeed, our property management team in Dresden is only a few minutes away from Altmarkt Karree, and is well versed in the management of cultural heritage sites,” he added.
“Among the most compelling aspects of the complex, in addition to its diversified cash flow profile, is the prestigious architecture with its ornamental plaster and generously proportioned entrance areas, and these, too, were enhanced through costly upgrades in recent years,” said Arndt Buchwald, Managing Director of Quantum Immobilien KVG. “We are pleased to have found a reliable buyer for this attractive landmark ensemble in Deutsche Investment, and to see our investors benefit from the sound performance of this
investment.”
