2008-05-15

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Netherlands | Funds Companies Investments

New Commerz Real Investment in the Netherlands

Nordholland: -Office Complex Project Acquired for hausInvest europa -Transaction Volume Approximates 34 Million Euros

The “Irdeto” office project is located in the Beukenhorst Zuid office park on the western edge of Amsterdam, just minutes away from Schiphol international airport. With a total investment volume of 34 million euros, it is the most recent acquisition of Commerz Real for its hausInvest europa open-ended property fund. The project, developed according to the latest standards, will have a gross lettable area of about 9,300 m² and about 200 underground parking spaces. The office complex is scheduled to be completed in Q4 2009, and has already been let in its entirety to Irdeto Acces B.V., a world leader in security technology. The property was sold by project developer Fortress Projektontwikkeling B.V.

The office complex itself comprises three five-storey wings branching off the core building, and features wooden cladding. The flexible structure of the building, which is fitted with a highly efficient energy system, permits partitioning into cubicle style or combination offices, on the one hand, and, on the other hand, makes it feasibly to let each floor to up to three different tenants, allowing a future third-party usage.

Aside from the proximity of the airport, the office project benefits from its outstanding connectivity to the public transportation system and access to the A4 motorway that connects The Hague with Amsterdam.

“Today, Dutch real estate accounts for a twelve percent share in the portfolio of our hausInvest europa property fund. The acquisition of Irdeto shows that the Netherlands as a dynamic growth market play an essential role in our European investment activities,” says Hans-Joachim Kühl, Board Member of Commerz Real AG in charge of real estate acquisitions.

Markus Esser Commerz Real AG - 2008-05-15

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