2007-06-06

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Italy | Investments Buying Office

Commerz Grundbesitz Steps up its Real Estate Commitment in Milan: Office Building Acquired for 60 Million Euros

Abruzzen: Commerz Grundbesitz Group (CGG) just invested approximately 60 million euros in an office building located in the north of Milan. The property is earmarked for the Group’s open-end property retail fund, hausInvest europa...

Following a comprehensive redevelopment of the property, which was built in 1989, the lettable floor-space of 23,000 m² plus the 341 parking spaces on site have been fully let to one of Italy’s biggest telephone network operators.

The property is located on the Viale Fulvio Testi, the most important artery between downtown Milan and the A4 motorway connecting Turin and Venice. Viale Fulvio Testi runs past the office quarter of Bicocca which has experienced an increasing demand by tenants and investors because of the intense development of the former Pirelli area that is located there. Prestigious international companies have already relocated to Bicocca. The quarter is marked by outstanding traffic connections that will be further upgraded by an underground station scheduled to be completed in 2010.

“The acquisition of the office building in Bicocca represents the second large investment in Milan this year,” elaborates Dr. Frank Pörschke, Chairman of the Board of Managing Directors of Commerz Grundbesitz Group. “In March, we signed the deed for the Edison Business Center, which is under construction in the Sesto San Giovanni office district, and which had a volume of approximately 125 million euros. This comprehensive commitment of our Group demonstrates that Milan, being Italy’s most important business hub, plays a major role in the implementation of our international investment strategy.”


A Word on Commerz Grundbesitz Group:

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 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.

Commerz Grundbesitz Group
Dietmar Müller
Press Spokesman
Kreuzberger Ring 56
D - 65205 Wiesbaden

tel: 0049 - 611 - 7105 - 385
fax: 0049 - 611 - 7105 - 289
email: dietmar.mueller@cgi.de
internet: www.hausinvest.de

Dietmar Müller Commerz Grundbesitz Group - 2007-06-06

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