Global real estate investment management firm Heitman has sold the Behringold rented-residential property in Dresden to institutional investor Swiss Life Asset Managers Germany on behalf of an affiliate of Heitman.
Financial details were not disclosed.
The affiliate acquired the property as part of a forward commitment it entered into in 2018. The development was completed in 2019, and at the time of disposition was nearly fully-let.
The building is located in the Carré district around Behringstraße 53-57, Löbtauer Straße 58-62 and Altonaer Straße 10 in Dresden. The property is composed of 148 residential and two to four commercial units with flexible floorplans.
The residential units include a mix of one-bedroom, two-bedroom, and three- and four-bedroom units amenitized with a terrace, loggia, or a balcony depending upon specific unit layout. The property also includes 116 parking spaces and two commercial units.
Said Sébastian Cavé, Heitman managing director and head of European Residential: 'Our investment in Behringold was consistent with our strategy of investing in undersupplied sectors and growing urban environments that position our portfolios to capture long-term growth, while also providing defensive characteristics during all stages of the property cycle.
'The disposition of the Dresden asset also shows our disciplined approach to portfolio allocation and rotation. In this particular case, we were able to execute the business plan for the property in a shorter time frame than originally anticipated and thus crystalize an attractive outcome for our client.
'We continue to have strong investment conviction in European alternative assets and in particular the living sectors. These offer an attractive combination of stable income and growth and as such we expect to continue making investments into them.'