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«Commerz Real just signed the deed for an historic office building in Paris. Raised in 1876, and refurbished as recently as 2003, the property was purchased for the CGS Immo-Spezial institutional fund. It is located in the prestigious 16th Arrondissement between the Arc de Triomphe and the Trocadéro, and thus at one of the choicest addresses in the Central Business District of Paris. The Avenue Kléber property was sold by European Property, a fund managed by Aviva Investors. The investment volume equals approximately 14.5 million euros.
“For more than ten years, Paris has been one of our key investment locations,” said Hans-Joachim Kühl, Member of the Board of Commerz Real and in charge of real estate acquisitions. “We took advantage of the opportunities inherent in the present market environment to acquire a high-end office property in a top location at an attractive cap rate. Even in the ongoing year, we will continue to be interested in investments in Paris.”
Built in the style of Haussmann, the four-storey building has a total office space of 1,330 sqm. It is finished to the highest specifications, satisfying the most advanced requirements. The property has been fully let to BNP Paribas since 1974.
Commerz Real AG is a fully owned subsidiary of Commerzbank AG. With approximately 43 billion euros in assets under management, and a staff of about 1,000 professionals in 20 locations inside and outside Germany, Commerz Real AG counts among the world’s biggest real estate asset managers and providers of structured leasing and investment solutions. Business focus is the provision of investment products, such as open-ended and closed-end real estate funds, institutional real estate 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, big ticket leasing, and structured financings, as well as equipment leasing. Commerz Real currently manages seven institutional funds under the laws of Germany and Luxembourg whose combined real estate assets total approximately two billion euros» (CS della Società).
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