Kronberg RE buys 1,200 apartments in Saxony and Thuringia

09/10/2012

Kronberg RE Deutschland and Deutsche Land & Jagd Immobilien have jointly purchased a package of 37 residential and commercial properties. This so-called Cato Portfolio includes 1,202 apartments (71,858 sqm) and eight commercial units in Pirna, Meissen, Dresden, Greussen, Rothenburg, Riesa, Chemnitz, Gera and Rabenau. Rüdiger Wienberg, insolvency administrator for TN Eagle 1 GmbH, was the seller, and the portfolio was marketed by CR Investment Management. Deutsche Kreditbank financed the transaction. The total of 72,387 sqm is 83% rented. Kronberg plans to make renovations and to sell buildings situated in “non-strategic” locations.


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