The previous owners, Arax Properties Ltd and Partners Group, acquired the Seidnitz Center in Dresden's Seidnitz district in March 2017 via their joint fund.
Now, DEKA has acquired the retail property for its WestInvest TargetSelect Shopping fund. The shopping centre at Enderstraße 59 is almost fully let and comprises more than 33,300 sq m, of which approximately 20,000 sq m is retail space.
The local centre also includes around 10,300 sq m of office space and the largest medical centre in Saxony. As per the previous transaction, Savills advised the vendor throughout the entire sale process.
“The figures for the property are excellent. In addition to the high occupancy rate, the WALT of 7.2 years, the use mix of offices and medical practices and the eclectic mix of retail segments at the property give the product a diversified local amenity value,” says Jörg Krechky, Director and Head of Retail Investment Services Germany for Savills.
Multiples such as Aldi, Deichmann, dm and Rewe are among the anchor tenants that make the property an established district centre that has limited competition in the immediate catchment area. “The two food anchors secured on long-term leases particularly make the property an extremely attractive long-term investment,” adds Krechky.