TLG Immobilien AG acquires hotel and office complex in Dresden (DE)
TLG Immobilien AG has acquired a hotel and office complex in central Dresden from JP Commercial XIII S. à. r. l. for approx. €28.2m. The prior asset manager, Prelios Immobilien Management GmbH, which had developed the office and hotel complex, conducted the transaction on behalf of the property’s owner.
The property is located across the central station at Wiener Platz 8/9, adjacent to one of the city’s busiest high streets, Prager Straße. The building was completed in 2008, with approx. 12,300m² of lettable space. The buildings principal tenant is InterCityHotel GmbH, a company of the Steigenberger Hotel Group, which operates a 162-room hotel at the location. Contractual rent for the property amounts to approx. €1.66m p.a., and the weighted average lease term (WALT) is around nine years.