Invesco Real Estate (IRE) has acquired the Prager Carrée housing project in Dresden from Revitalis Real Estate.
The six to seven storey Quartier Prager Carrée occupies a prime location in Dresden city centre, directly on Wiener Platz and at the southern end of Prager Straße.
It comprises some 32,000 square metres of floor space. The plans include several buildings with a total of 241 apartments, plus retail and commercial space covering around 5,900 square metres, spread over several levels. Completion of Prager Carreé is expected by mid-2016, with construction scheduled to start in the spring of 2014. The purchase price was not disclosed.
A team from CMS Hasche Sigle, led by lead partner Dr Oliver Thurn, advised IRE on all legal aspects of acquiring Prager Carreé. The same team also advised IRE on acquisition of the Westside Tower in Frankfurt/Main.
Prager Carrée is the second development project that IRE has acquired from Revitalis Real Estate, following its purchase of Westside Tower in Frankfurt/Main.
IRE is part of Invesco Ltd.