Commerz Grundbesitz Group Continues its Shopping Spree

At the turn of the year 2006/2007, Commerz Grundbesitz-Spezialfondsgesellschaft (CGS), a subsidiary of Commerz Grundbesitz Group, signed the deed for the “Westend” office building in Berlin, which will be added to the company’s ProCommerz institutional property fund. Simultaneously, it acquired the “Rijswijk” office property in The Hague, earmarked for its EURO PROPERTY 1 institutional property fund.
With a total floor-space of about 9,000 m², the Westend project development in Berlin’s Charlottenburg district is located in immediate vicinity of the eponymous train station and close to the inner-city expressway. The total investment volume for this office property adds up to approximately Euro 24 million. While its completion is scheduled for autumn 2008, the building is already fully let.
The Rijswijk office project is located in the Dutch town of The Hague/Hoornwijk, in immediate proximity of the motorways connecting The Hague, Amsterdam and Rotterdam. Overall, the project development comes with an investment volume of approx. Euro 17 million. Upon its completion in May 2008, Rijkswijk will have a usable floor-space of about 5,500 m², as well as 90 underground parking spaces and another 40 spaces outside. 63% of the lettable areas have already been let for a period of 10 years. For any area not let, the project developer has provided a five-year rental guarantee.
Signing the deeds for these projects underlines the continued investment strategy pursued by the Management of Commerz Grundbesitz Group (CGG):
“We have intensified our search for new investment opportunities not just for our public property funds, but also for our institutional property funds and other real estate products. As far as the real estate group as a whole goes, we are planning real estate acquisitions with a volume of more than Euro 2 billion worldwide,” Dr.Frank Pörschke, Chairman of the Board of Managing Directors of CGG, emphasises.


A Word on Commerz Grundbesitz Group:
Founded in 2001, Commerz Grundbesitz Group counts among the global leaders in real estate asset management, managing open-end public property funds along with open-end institutional property funds and REITs. The Group currently manages real estate with a volume of more than Euro 13 billion worldwide. With foreign real estate assets worth more than Euro 10 billion, and a gross lettable area of approximately 3.5 million m2, Commerz Grundbesitz Group is one of Europe’s largest real estate investment houses.
Another company belonging to the group is Commerz Grundbesitz-Spezialfondsgesellschaft mbH (CGS), established in 2001. CGS currently manages six special property funds for institutional investors. Today, the real estate assets managed for the existing funds equal a total value of approximately EUR 1.4 billion (by deeds signed). The company’s present portfolio includes about 70 properties in nine European countries.

Pressecontact:
Dietmar Müller
Commerz Grundbesitz Gruppe
Kreuzberger Ring 56
65205 Wiesbaden
E-Mail: dietmar.mueller@cgi.de
Internet: www.hausinvest.de
Phone: 0611 – 7105 – 385