The German arm of new UK asset management combination, Aberdeen Standard Life, has acquired a mixed-use development project being developed at a war-damaged former aristocratic palace in Dresden for €120 mln.
The Quartier Hoym (Q III) project is located next to the famous Neumarkt in the old town of Dresden.
The project will create residential accommodation, offices, retail units, restaurant space, a hostel and parking on a total of 26,651 m2. The completion and handover of Quartier Hoym (Q III) is due in the autumn of 2021.
CG Gruppe said that the complex reconstruction of Palais Hoym, which was destroyed during the war, and a connected new building would be integrated into the historical and famous cityscape.
Including Quartier Hoym, CG Group has sold 11 properties with 2,021 apartments and 19,312 m2 of commercial space to Aberdeen Asset Management Deutschland since 2011, for a total of €560 mln.
Aberdeen Asset Management Deutschland is part of the enlarged group created by the finalisation earlier this month of Aberdeen Asset Management and Standard Life Investments.
