Swiss Life’s German asset management arm Corpus Sireo has added the Florentinum retail property in Dresden to its German portfolio.
The property was acquired from AXA Investment Managers for an undisclosed sum.
‘The acquisition of the Florentinum in Dresden has allowed us to add a top asset to our portfolio. Its location in Dresden city centre (10 Prager Strasse) couldn’t be more ideal,’ said Florian Bauer, responsible for the Swiss Life Asset Managers’ real estate business in Germany.
‘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,’ he added.
The property comprises 13,000 m2 of retail space plus 3,200 m2 for office use and 2,800 m2 of residential area. The building also has 107 car parking spaces.
The asset was modernized in 2003 and currently has 15 commercial tenants, including Globetrotter, H&M and Orsay.