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«Commerz Real signed a few days ago the deed of purchase for the "Porte de Clichy" office development located in France. The total investment volume amounts approximately 87 million euros. The project development, which has a planned lettable area of 13,000 m², was sold by the Paris-based real estate developer Europequipments SAS. Following its completion, Commerz Real will add the office building to the portfolio of its hausInvest europa open-ended real estate fund.
With its acquisition of "Porte de Clichy", Commerz Real continues its lively buying activity of last year. Meanwhile, the fund volume of hausInvest europa has crossed the 10 billion euro mark. "This means that we have further consolidated our position as asset manager of Europe’s biggest open-ended real estate fund," says Hubert Spechtenhauser, Management Spokesman of Commerz Real AG. "A fund of this magnitude permits far greater diversification of the real estate portfolio and thus a curtailing of the risks associable with local market cycles. In this manner, we create the preconditions for a consistentreturn on investment. Moreover, we have opted for high-quality real estate that gives us every reason to expect sustained appreciations. Along these lines, Porte de Clichy fits perfectly into our portfolio."
The multi-functional office complex is raised according to latest standards, and offers extensive options for alternative usage thanks to its technical flexibility. The building’s features in combination with its first-rate architecture and the great accessibility of its location at the Périphérique orbital gives us every reason to expect a high tenant demand even now, before the completion.
"The Ile de France region remains one of our most important investment markets in Europe," says Hans-Joachim Kühl, Member of the Board of Commerz Real and in charge of real estate acquisitions. "We have had commitments in France since 1997. Our French portfolio across products comprises real estate with a total asset value of more than three billion euros. This makes us one of the biggest investors on the French real estate market."» (CS della Società)
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