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"Commerz Real AG just sold the "Le Danica" office complex in Lyon out of the portfolio of the CGS-Immo-Spezial fund managed by Commerz Real subsidiary Commerz Grundbesitz-Spezialfondsgesellschaft mbH (CGS). The property was sold for 49.97 million euros. The sales yield realised on the basis of current rent revenues equals 5.74 percent. Thus, the fund’s institutional investor benefit from an attractive added value. The capital inflow derived from the transaction will expand the fund’s options toward the purchase of other attractive properties.
Completed in 1993 and acquired in 2003, the Le Danica property has a lettable floor area of 15,500 m² and 435 parking spaces, and is centrally located in the business area of Lyon’s Part Dieu district. The complex, which includes three buildings and is fully let, was bought by Züblin Immobilière France, a subsidiary of Züblin Immobilien Holding AG, having SIIC status.
CommerzReal AG is a fully owned subsidiary of Commerzbank AG, Germany. With 44 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, big ticket leasing, and structured financings, as well as movables leasing. Commerz Grundbesitz-Spezialfondsgesellschaft mbH (CGS), a company of Commerz Real Group, currently manages six special funds for institutional investors. The real estate assets managed for the existing funds currently have a total value of approx. 1.7 billion euros". (CS della Società)
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