Augsburg-based Patrizia Immobilien has sold a total of 381 real estate units in Dresden and Munich in two indepent transactions for a total of EUR 78.5 mln. The Altmarktkarree 1 ensemble comprising 318 residential and 39 commercial units in Dresden was purchased by Patroffice, a company in which Patrizia holds a minority interest of 6.25% alongside two international institutional investors. The second property, located in the center of Munich at Prinzregentenstrasse and comprising 24 units, was also sold as a portfolio to a Spanish investor.
Augsburg-based Patrizia Immobilien has sold a total of 381 real estate units in Dresden and Munich in two indepent transactions for a total of EUR 78.5 mln. The Altmarktkarree 1 ensemble comprising 318 residential and 39 commercial units in Dresden was purchased by Patroffice, a company in which Patrizia holds a minority interest of 6.25% alongside two international institutional investors. The second property, located in the center of Munich at Prinzregentenstrasse and comprising 24 units, was also sold as a portfolio to a Spanish investor.
Patrizia acquired the Dresden property from the city of Dresden at the end of 2005. At the time of the acquisition, the three buildings, dating from the years 1954 to 1963, were in a mediocre state of repair and had significantly high vacancy levels. The company modernised the complex and improved occupancy rates through active asset management. In a statement, the company said that it will retain the property management of the asset.
