Commerz Real and Wertgrund pay €70m for Dresden resi development

German fund manager Commerz Real and developer Wertgrund Immobilien have paid €70 mln for a mixed-use development currently under construction in Dresden, Germany.

The purchase was made via a forward funding agreement by Commerz Real’s open-ended real estate fund Hausinvest. Construction of the asset - named Königshöfe - is slated for completion in 2022.

Located at Palaisplatz, the project is being built in Dresden’s baroque district. It comprises 14,700 m2 over 191 residential apartments and 266 underground car parking spaces.

Wertgrund is responsible for leasing and property management.

Mario Schüttauf, Hausinvest’s fund manager, said: ‘Dresden, as a burgeoning metropolis with growing demand for residential property in the premium sector, combined with the top location in the historic baroque district, make Königshöfe a true core property.’

Thomas Meyer, chairman of Wertgrund’s board of management, said: ‘Project developments in such an attractive inner-city location tend to be rare nowadays, not only in Dresden but in the majority of dynamically developing cities in Germany.’

The acquisition of Königshöfe is the second by the partnership since its launch two months ago. The first acquisition was a residential complex in Darmstadt.

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