Czech investment group CTR sold its residential project Haus Merkur II to German real estate investment fund Patrizia. The price of the deal was not disclosed. The eight-story apartment building includes 117 flats, an underground parking garage and 900 sqm of retail on the ground floor. CTR is developing the project in the center of Dresden in cooperation with its local partner, Baywobau. Haus Merkur II is scheduled for completion in the first quarter 2019, and CTR will hand it over to Patrizia before the end of 2019, after it leases the retail space. Patrizia previously bought the first phase of Haus Merkur. Jan Horváth, CEO of CTR Real Estate, says there is already strong interest from global investors to buy the planned third phase of the project.
