Global real estate investment management firm Heitman has purchased a residential development in Dresden, Germany, from rental homes developer CG Gruppe.
Financial details were not disclosed.
The development, Carré Löbtau, iscomposed of 148 residential and two to four commercial units. The residential units will include a mix of one-bedroom, two-bedroom, and three- and four-bedroom properties. Upon completion, the scheme will also include 116 parking spaces.
'We are pleased to complete this acquisition and add this residential asset to our pan-European property portfolio,' said Tony Smedley, Heitman managing director and head of European private equity.
'The living sectors, which include rented apartments, student, and senior housing, represent an attractive combination of stable income and growth for a European or global portfolio,' Smedley added.
