Patrizia Immobilien has completed the acquisition of the Residenz am Waldplatz scheme in Leipzig for an undisclosed sum.
The site has been acquired for the development of six residential towers comprising 74 units in the Centre-West district, due for completion in the middle of 2018.
'Leipzig has become an important financial and business hub in Germany, with one of the strongest local economies in the eastern German Länder, and an increasingly dynamic and popular cultural and leisure offer,' commented Johannes Altmayr, Head of Residential Transactions at Patrizia.
The acquisition is being directly carried out by the project developer, CG Gruppe, for a real estate fund managed by Patrizia.
Six buildings comprising 7,800 m2 of space will be built over two to five stories, offering 74 residential units for the private rental sector.
There will also be an underground car park for 70 cars, plus three retail units.
Residenz am Waldplatz is situated in the Bach District of Lepizig, a few minutes from the city centre.
Patrizia said that due to the legacy of the East German era and the subsequent over supply of low-quality residential space, around 2,200 flats per year will need to be built in Leipzig over the next decade in order to meet demand.
