The open-ended real estate fund “Swiss Life REF (DE) European Living” acquires existing property in Dresden

In December 2021, Swiss Life Asset Managers Germany acquired the “Behringold” portfolio property in Dresden with a total rental area of around 10,800 square metres. The building will be included in the "Swiss Life REF (DE) European Living" open-ended public real estate fund, which is distributed exclusively in Germany by Deka Immobilien. The transfer of ownership means the property joins the portfolio management of Swiss Life Asset Managers Germany. The property was sold by an affiliate of Heitman LLC (Heitman), a global real estate investment management firm.

Built in 2019, the building is located in the Carré district around Behringstraße 53-57, Löbtauer Straße 58-62 and Altonaer Straße 10 in Dresden. The Behringold complex, which is almost fully let and like new, comprises 148 residential units spread over five full-sized floors and two penthouse-type floors with an average apartment size of around 70 square metres and mainly comprising 2-3 room flats. In addition, the property has 116 parking spaces and two smaller commercial units. The building complex has a traffic-free, leafy inner courtyard with a generous play and leisure area.

The city of Dresden has a positive population forecast with a good business base as well as vital university and research infrastructure. The residential complex is centrally located about 2 km from the city centre. It is well connected to public transport and has diverse infrastructure in the immediate vicinity, including supermarkets, retailers, schools and office buildings.

"The Dresden Behringold property fits ideally with the purchase profile of Swiss Life European Living. The completed, almost fully let new build has established itself on the market over the past two years and is aims to provide modern and affordable living for a broad target group in Dresden. We are very excited that, in addition to Leipzig, we are now also invested in Dresden, the capital of Saxony", says Viktoria Hoffmann, portfolio manager at “Swiss Life REF (DE) European Living”.

"What is particularly charming about the property is the high structural quality and the size, which enables efficient property management", emphasises Johannes Schmidt, the responsible transaction manager at Swiss Life Asset Managers Germany.