2008-09-18

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Great Britain |

Commerz Real Continues With Property Acquisitions in the UK

London: * Office Property in London’s West End Acquired for “hausInvest europa” * Total Investment Volume nearly 104 million euros

With the acquisition of the 180 Great Portland Street office property in London’s West End, Commerz Real has stepped up its commitment in the United Kingdom. The company just acquired the fully-let property for its ”hausInvest europa” open-ended real estate fund. The transaction volume totals approximately 104 million euros. The building was sold by a joint venture of Great Wigmore Partnership (“GWP”), which resulted from the merger of Great Portland Estates with Scottish Widows, and Great Wigmore Property Limited & Pontsarn Investments Limited.

“For some time now, the UK has offered promising investment conditions again. In this environment, we seized the opportunity to acquire a high-yield office property in a sought West End location,” said Hans-Joachim Kühl, Member of the Board at Commerz Real and in charge of real estate acquisitions. “This latest acquisition brings the number of acquisitions in the greater London area in the past two months up to three, and the total investment volume up to approximately 280 million euros. The figures substantiate our belief that London will continue to play a key role among the leading international real estate markets. Against this background we plan further acquisitions in London and other cities in the UK."

The upper floors of the six-storey building with a gross lettable area of about 9,835 m² are taken up by well-appointed office floor space, finished to the highest specifications and marked by flexibility of usage. Moreover, the ground floor provides both retail and lobby areas. Originally raised as a residential building in 1910, and redeveloped in 2007, the office building is let to prestigious companies representing various industries. The lease terms for the majority of office spaces are ten years, and range from 15 to 25 years for the retail spaces. Due to its location, this office property comes with superlative public transport links. The Great Portland Street tube station is located in the immediate vicinity. The nearby M4 motorway offers superior connections to the airports Heathrow, Gatwick, and London City.

Markus Esser for Commerz Real AG - 2008-09-18

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