Ratisbona, the Regensburg-based project developer, has successfully concluded the purchase contract for the sale of a plot of land at Leutewitzer Ring 143 in the Gorbitz district of Dresden. The buyer is Hamburg-based Devello Immobilien AG.

The property, which was sold via Winters & Hirsch, is currently occupied by a Netto Marken-Discount store. The plan is to demolish the store and construct a new residential and commercial building with a new, modern Netto store and around 150 residential units as well as underground parking and outdoor parking spaces. Completion is scheduled for mid-2023.

The property of approx. 4,200 sqm is located in the western Dresden district of Gorbitz, the largest prefabricated housing estate in the Saxon state capital.

Netto has signed a long-term lease for approximately 2,000 sqm of rental space. The residential units have a total area of around 5,000 sqm.

Legal advice to the buyer was provided by Herbert Smith Freehills.

The parties have agreed not to disclose the purchase price.