NAS Invest and BlueRock Group have acquired a multi-tenant property in Dresden from German REIT Alstria Office for €33.3 mln.
'The property offers interesting value-add potential,' said Julian Reinecke, managing partner at NAS Real Nord-Ost.
'Excellent transportation links and strong interest particularly from small and mid-sized companies in future-oriented sectors will enable us to further extend the tenant structure and quickly rent existing vacancies after some refurbishment measures,' he added.
Built in 1996 and most recently refurbished in 2009, the core-plus property comprises about 20,500 m2 rental space.
It is located in the Sigma technology park in the north-west of downtown Dresden and is mostly home to companies from the microelectronics and IT sectors. Tenants include Siemens and TechniSat Dresden.
The asset was purchased through a joint venture strategy, BR-NAS German Mittelstand Properties, which focuses mostly on offices and health centres. Last month, the fund acquired a core-plus property in Karlsruhe.
