PSJ has completed shell of Merkur I. apartment building in Dresden. The project marks PSJ’s return to the German market after an absence of 20 years through its new subsidiary PSJ Bau, which will oversee the company’s German operations. The seven story building in Dresden will offer 62 flats and commercial space on the ground floor which will be leased to Postbank. Costs are expected to reach €10.5m. The original investor, Baywobau, sold the project during construction to Patrizia Immobilien AG from Munich, one of the largest property management companies in Western Europe. The project is scheduled for completion in March 2016. PSJ Bau plans to focus on projects ranging from €5m to €500m, according to the company’s CEO Blanka Dokoupilová.
