TLG snaps up Dresden mixed-use complex for €28m

German listed property firm TLG Immobilien has announced the acquisition of a hotel and office complex in central Dresden for €28 mln.

The seller is JP Commercial XIII. The previous asset manager, Prelios Immobilien Management, developed the office and hotel complex and conducted the transaction on behalf of the property's owner.

Located directly across from Dresden's central station, the asset was completed in 2008 and provides 12,300 m2 of lettable space in total including 162 hotel rooms. It is 95% occupied and generates a rent of €1.66 mln a year, with a weighted average lease term of nine years.

The principal tenant is InterCityHotel, part of Steigenberger Hotel Group.