The historical ensemble is located directly on the Altmarkt in Dresden.
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The capital management company Deutsche Investment KVG acquires one of the most famous cultural monuments in Dresden: the “Altmarkt Karree”. The residential and commercial building ensemble in the historic center of Dresden has 321 residential and 37 commercial units on a total rental area of around 39,500 square meters.
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The purchase of the Altmarkt Karree was made as part of an individual mandate for an institutional investor, Quantum and Deutsche Investment report together. The seller is Quantum Immobilien KVG on behalf of several German pension funds. According to the announcement, the parties have agreed not to disclose the purchase price. The change in benefit / burden took place on February 1, 2021.
The Altmarkt Karree was built between 1953 and 1960 in neoclassical style directly on Dresden’s Altmarkt. The listed ensemble comprises 24 buildings that directly enclose the Altmarkt-Galerie, one of the largest shopping centers in Dresden. In connection with the commercial tenants of the Altmarkt Karrees, the Altmarkt has developed into the most popular gastronomy and promenade in Dresden.
Since taking over the property in 2018, Quantum had carried out extensive renovation measures in around a third of the apartments. These are now comprehensively and contemporary modernized and equipped with high quality. In addition, more than 5,000 square meters of commercial and retail space have been extended, re-let and in some cases remodeled. This also includes the area of the former Café Prague. This means that these areas are now almost fully let. Among the tenants are well-known companies such as WMF, Douglas, Apollo Optik and Wilma Wunder.
“A central location for Deutsche Investment”
“The city of Dresden has developed into a central location for us in our group of companies and you can directly say that we have grown very fond of its cultural and architectural diversity,” says Enver Büyükarslan, partner of Deutsche Investment KVG. “We want our tenants to feel this, too, to whom proximity is of fundamental importance to us. Our Dresden property management team is on site at Altmarkt Karree within a few minutes and is very familiar with the management of cultural properties. “
“In addition to the diversified cash flow profile, the ensemble impresses with its representative construction with stucco decorations and spacious entrance areas, which have also been upgraded through investment measures in recent years,” says Arndt Buchwald, Managing Director of Quantum Immobilien KVG. “We are pleased that we have found a reliable buyer for this attractive landmark ensemble in Deutsche Investment and that our investors can now benefit from the good development of the investment.”
Photo: Deutsche Investment / Carsten Brügmann
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