German investor Values Real Estate has acquired the Prager Spitze mixed-used asset in Dresden off-market.
Financial details were not disclosed.
The six-storey office and commercial building is located in the immediate vicinity of Dresden's main train station at the beginning of major shopping street, Prager Strasse.
The property has around 16,000 m2 of rental space and a diversified tenant base. Built in 2006, it has a 130-metre long frontage to Prager Strasse.
The asset will be held in its Values Prime Locations institutional fund.
Sascha Basic, managing director of Values Prime Locations, a subsidiary of Values Real Estate, said: 'Prager Strasse in Dresden is one of the 1A locations in the Elbe metropolis, which as the Saxon state capital is not only a cultural attraction for tourists from all over the world.
'Dresden is also the economic centre of Silicon Saxony with a unique high-tech ecosystem. The city has been benefiting from the influx of affluent clientele for years. The prime location, the good building quality and the favourable socio-demographic factors make the modern office building very stable in value.'
The Values Prime Locations fund invests on behalf of a limited group of institutional investors in prime inner-city locations in 1A and 1B cities with a core plus investment risk. Its target volume is over €400 mln.
The transaction was brokered by Fabrice & Weinroth, Berlin. Values Real Estate were advised by Ashurst Frankfurt (legal/tax) and Cushman&Wakefield (tech) and by Merz & Lauf Dresden (legal) and WP Reichert (tax) on the seller side.
