Swiss Life AM buys in Dresden
Swiss Life Asset Managers has acquired an office and commercial building in Dresden for the "Key Regional Cities" fund.
This is the third purchase for the Swiss Life REF (DE) Key Regional Cities Germany fund, which was launched in 2017 and invests in office and mixed-use properties in German regional centers. The fund had previously purchased an office property in Freiburg and the Sheridan Tower in Augsburg.
The multi-tenant property on Fetscherplatz in Dresden comprises around 8,000 sqm of office and retail space and is almost fully let. Tenants of the property in the Johannstadt district, which adjoins the city center to the east, include a large tax firm, the University of Dresden, the Versicherungskammer Bayern insurance company and medical practices. Retailers are located on the first floor, including a dm drugstore. The property also has an underground parking garage.
The seller is a family office; the parties have agreed not to disclose the purchase price. Corpus Sireo Real Estate supported the purchase.
The Swiss Life REF (DE) Key Regional Cities Germany Fund. This was launched as a German investment fund via Swiss Life KVG and is aimed at German institutional investors. It invests in office real estate in 26 German cities. The fund is expected to be worth up to 250 million euros.
