2007-07-24

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Germany | Investments Buying Construction Shopping Center

Commerz Grundbesitz Acquires Stadtgalerie Shopping Centre in Schweinfurt

Bayern: New Euro 125 Million Shopping Mall for hausInvest europa

Commerz Grundbesitz Gruppe (CGG) just signed the deed for the Stadtgalerie shopping centre project that is currently under construction in Schweinfurt, Germany. The mall is scheduled to open for business in spring of 2009. Out of a total project volume of approx. 170 million euros, CGG will acquire a 125 million Euro stake for its hausInvest europa fund.

The project partner of the property, which will have over about 22,500 m² in retail space and 1,240 parking spaces, is ECE Projektmanagement GmbH & Co, Hamburg. The company will also take over the centre management. The mall is being raised in direct proximity to the inner city and right next to main traffic arteries. The city of Schweinfurt has been supporting the project through a series of urban development measures in the immediate vicinity. Through its central and easily accessible location, Stadtgalerie Schweinfurt will provide major value increase potential in a region characterized by high spending power. This will be the fourteenth retail business property in the hausInvest europa portfolio, bringing the fund’s retail real estate share up to 19%.

About Commerz Grundbesitz:

Commerz Grundbesitz counts among the global leaders in real estate asset management, managing open-end property retail funds along with institutional property funds and REITs. The Group currently manages real estate worldwide with a volume of approximately 12 billion euros in 15 different countries. With foreign real estate assets of approximately 10 billion euros, and a gross lettable area of about 3 million m2, Commerz Grundbesitz Group is one of Europe’s largest real estate investment houses.

The Group includes Commerz Grundbesitz-Investment GmbH (CGI), a capital investment company founded in 1992, which manages the Group’s retail funds. These include the market leader hausInvest europa, with a fund volume of approximately 8.7 billion euros Europe’s largest open-end property fund. In March 2004, CGI started hausInvest global, an open-end fund with investments worldwide and a fund volume now worth more than 1.7 billion euros. By founding the French investment trust CeGeREAL in 2006, Commerz Grundbesitz Group became the first German real estate company to launch a REIT.

Press contact:

Markus Esser
Press Spokesman of Commerz Grundbesitz Gruppe
Kreuzberger Ring 56
65205 Wiesbaden, Germany

E-mail: markus.esser@cgg.de
Internet: www.cgg.de
Tel.: +49(0)611 - 7105 - 485

Markus Esser Commerz Grundbesitz Gruppe - 2007-07-24

Announcement by Commerz Grundbesitz Gruppe. The originator takes responsibility for its content.