2007-11-27

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Asia | Funds Companies Investments

Commerz Real Invests in Seoul

Asia: - First Real Estate Acquisition in South Korea - Fund Acquires the Fully Let Choongmuro Tower

Commerz Real AG just acquired the office and business building “Choongmuro Tower” in the South Korean capital of Seoul for its open-end real estate funds, hausInvest global. The building has a gross lettable area of about 17,000 m². The fully let property was sold by Movie ABS, Co. Ltd., a Merrill Lynch subsidiary.

Raised in 1989, this property satisfies even the most advanced standards in technical and structural terms, as it just underwent complete overhaul. While offices account for the major share of the floor-space, the building also includes retail and gastronomy venues, as well as 79 parking spaces. It subdivides into thirteen above-ground and four underground storeys, and is let to major Korean companies, such as “The Seoul Economic Daily” and “Samsung Life”.
The property is located in the Jung-Gu district, one of city’s established office markets. This quarter, situated in the eastern part of the Central Business District (CBD), is home to the headquarters of many renowned companies, primarily of the press and publishing industry. In addition to the outstanding location, this property benefits from great connections to the public transportation system.

“With the Choongmuro Tower in Seoul we are opening up a new emergent real estate market for hausInvest global, a market with persuasive qualities, such as low vacancy quotas, rising rent rates, and sustained stability,” elaborates Hans-Joachim Kühl, the Commerz Real Board Member in charge of real estate acquisitions. “At the same time, we strengthen our commitment in the Asian-Pacific region that we consistently pursue not just for hausInvest global, but for our closed-end fund segment, too.”

About Commerz Real AG
Commerz Real AG is a fully owned subsidiary of Commerzbank AG, Germany. With 42 billion euros in assets under management, it is one of the world’s largest property asset managers and providers of leasing and investment solutions. Commerz Real focuses on the provision of investment products, such as open-end and closed-end property funds, institutional property funds, REITs, closed-end funds for ships, aviation, and renewable energy.
The spectrum of services includes moreover the area of structured investments, which combines the activities of real estate leasing, large movables leasing, and structured financings, as well as movables leasing.
In March of 2004, CGI started hausInvest global, an open-end fund with investments worldwide and a fund volume now worth approximately Euro 1.7 billion.

Karolina Müller Commerz Real - 2007-11-27

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