Real estate investor Heitman has acquired a German residential development for an undisclosed amount.

The $43.5bn (€38.19bn) manager will buy the Carré Löbtau development in Dresden from property developer CG Gruppe.

Heitman said it is making the acquisition on behalf of an affiliate of the firm.

The property is composed of 148 residential and two to four commercial, Heitman said, adding that upon completion, the property will also include 116 parking spaces.

Tony Smedley, a managing director at Heitman and head of European private equity, said: “This rented-residential asset is consistent with our strategy of investing in undersupplied sectors and growing urban environments that position our portfolios to capture long-term growth, while also providing defensive characteristics during this late stage in the cycle.”