CMC purchases Dresden property for €12m

PROPERTY investment vehicle CMC Capital has purchased a commercial park in Dresden, Germany for just over €12 million.

The Bannewitz commercial park will have an initial rental yield of 7.2%, according to Cork-based CMC, which said it has structured the deal in a manner specifically suited to Irish pension investors.

Bannewitz is anchored by an OBI DIY store on a long lease, while a McDonald’s outlet features among the other long-term tenants.