Commerz Grundbesitz Group Continues

A few days ago, Commerz Grundbesitz-Spezialfondsgesellschaft (CGS), a subsidiary of Commerz Grundbesitz Gruppe, signed the deed for the “Premino” office building in Munich, which is earmarked for the company’s EURO OFFICE 1 special real state fund. Thus, the Group belongs among those companies that continue to stand by their commitments in Germany.
“Decisive for this new domestic investment is the positive economic development on the German real estate markets,” says Dr. Frank Pörschke, Chairman of the Board of Managing Directors of Commerz Grundbesitz Group.
The office building just acquired, having an investment volume of Euro 30 million, represents a project development in the Parkstadt Schwabing district in Munich. The completion of “Premino” is scheduled for the 2nd quarter of 2008. The object yield after fund expenses will exceed 6% in the ten-year mean.
The total lettable area of this office property will approximate 11,500 m². Even before the begin of constructions and the signing of the deed, a quarter of the available lettable area was let to an IT and telecommunications service provider.
The object was sold by KIB Project GmbH in Nuremburg, a company that has been active as developer and investor for office real estate and business parks since 1972.
The project is located close to the A9 motorway and—with bus and underground lines right around the corner—has great connections to Munich’s public transportation network. Among the new commercial locations, Parkstadt Schwabing is the business location with the highest acceptance rate on Munich’s real estate market.
According to the CGS experts, Parkstadt Schwabing is a particularly interesting location: “For some time now, the office sector in downtown Munich has been swept of suitable and, above all, modern space in that is both available and showing a complementary infrastructure. That is why we believe that the demand for office space in peripheral locations in Munich, such as Parkstadt Schwabing, will continue to be lively in the future,” argues Dr. Philipp von Wilmowsky, Managing Director of CGS.