2007-09-13

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Czech republic | Investments Expansion Office International

Commerz Grundbesitz Intensifies its Real Estate Commitment in the Czech Republic- Office and Business Building Acquired in Prague

Hauptstadt Prag: Commerz Grundbesitz Gruppe (CGG) has completed the acquisition the Charles Square Center (CSC), located on Charles Square in Prague, for its open-end public property fund, hausInvest global.

The property was bought from Quinlan Private, a leading international private equity and real estate group. The investment costs came to approximately 90 million euros.
The nine-storey building, which was completed in 2002, is almost fully let. It covers a gross lettable area of approximately 20,000 sqm, 15,000 sqm of which are office space, while the remaining 5,000 sqm are occupied by retail and gastronomy space.

Thanks to its central location in downtown Prague, its excellent connections to the public transit system, and the technical flexibility of the building structures, the property offers attractive location benefits and comprehensive third-party utilisation options. Grouped around a generous atrium, the property could be used by a single tenant while being entirely open to lettings by section or floor.

"Since we acquired the Metropole shopping centre in 2004, we have been closely monitoring Prague's downtown property market. Over time, the office segment became more interesting for us," says Hans-Joachim Kühl, CGG board member in charge of property acquisitions. "In face of the prevailing historic building substance in the inner city, the supply in state-of-the-art office buildings, similar to the CSC, is extremely limited. The acquisition of the CSC offered the opportunity to strengthen our commitment on the dynamically growing market of Prague."

About Commerz Grundbesitz Gruppe:

Commerz Grundbesitz ranks 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 Gruppe 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 more than 8.5 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 1.6 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.

Contact:

Markus Esser
Press Spokesman, 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 - 2007-09-13

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