German real estate management firm Deka has acquired the Seidnitz Center in Dresden’s Seidnitz district from Arax Properties and Partners Group.
Financial details were not disclosed.
Deka said that the asset had been purchased for its WestInvest TargetSelect Shopping fund. The previous owners purchased the retail property out of insolvency proceedings in March 2017.
On both occasions, Savills advised the vendors.
'What makes this asset such an attractive long-term investment is its high occupancy rate, the WALT of 7.2 years and the mix of offices, medical practices and retailers,' said Jörg Krechky, director and head of retail investment services Germany for Savills.
The shopping centre at Enderstraße 59 is almost fully let and comprises more than 33,300 m2, of which approximately 20,000 m2 is retail space.
The remaining 10,300 m2 is office space and also includes the largest medical centre in Saxony. Aldi, Deichmann, dm and Rewe are among the anchor tenants. Savills said the asset had 'limited competition in the immediate catchment area'.
