Acquisition of a core plus office building.

Value-add property located in an established technology park.

Transaction volume of about 33.3 million euros.

Berlin, 21 November 2018. NAS Invest and BlueRock have acquired a multi-tenant property in Dresden under their joint venture strategy BR-NAS German Mittelstand Properties. The transaction has a total volume of about 33.3 million euros. The seller is alstria office REIT-AG.

Built in 1996 and most recently refurbished in 2009, this core plus property offers total rental space of about 20,500 square metres. It is located in the Sigma technology park in the north-west of downtown Dresden and is mostly home to companies from the microelectronics and IT sectors with strong tenants including Siemens AG and TechniSat Dresden GmbH. The Washingtonstraße facilitates swift access to the city centre and the A4 motorway.

“The property offers interesting value-add potential. Excellent transportation links and strong interest particularly from small and mid-sized companies in future-oriented sectors will enable us to further extend the tenant structure and quickly rent existing vacancies after some refurbishment measures,” says Julian Reinecke, managing partner at NAS Real Nord-Ost. “The transaction illustrates that a combination of relevant know-how and the willingness to manage assets professionally can still open up attractive investment opportunities.”

Launched in the spring of 2017, the joint venture BR-NAS German Mittelstand Properties invests predominantly in office buildings and health centres in thriving metropolitan regions. Only a few weeks ago, it acquired a core plus property in Karlsruhe.