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«Commerz Real acquired the office complexes "Ar Mor Plaza" in St. Herblain near Nantes and "Parc Cézanne 1" in Aix en Provence for a total amount of 50 million euros. The company has thus added two modern office real estate complexes to the French portfolio of its hausInvest europa open-ended property fund. Both project developments were sold by the French real estate company Groupe Lazard.
The total investment volume for the "Ar Mor Plaza" in St. Herblain, which comprises four buildings, equals 25 million euros. The gross lettable area equals about 11,400 m². The buildings, still under construction, were designed by the award-winning Parisian architect Jean-Paul Viguier. "Ar Mor Plaza" comes with state-of-the-art features that will satisfy any standard required for modern office properties today.
Commerz Real will take over the building after its prospective completion in the fourth quarter of 2008.
Located on the periphery of Nantes inside the "Ar Mor" office park, the complex has all the location benefits of the largest trading zone in Western France. The properties moreover come with great connections to the public transportation network and direct access to the orbital of Nantes, the capital of the economically vibrant Pays de Loire region.
"Parc Cézanne 1," the second office complex that Commerz Real acquired from Groupe Lazard, is located in Aix de Provencein the economically thriving region of Provence-Alpes-Côte d’Azur.
The "Parc Cézanne 1" project development has a total investment volume of approx. 25 million euros. Its gross lettable area of more than 11,500 m² is spread across five high-end office properties. The completion and transfer to Commerz Real is scheduled for Q2 2009.
The attractiveness of the real estate complex is also suggested by its location inside the well established office site "Parc de la Duranne" on the periphery of Aix en Provence. Together with Marseille, this city in the south of France currently counts among the most important and active office markets in the country. Aix en Provence has optimal connections to the transportation network between Marseille, Nice, and Grenoble. Marseille-Provence International Airport is just a few minutes’ drive away.
"France, with its sound real estate market, plays a key role in the European investment strategy that Commerz Real pursues for its hausInvest europa fund," says Hans-Joachim Kühl, the Commerz Real Board Member in charge of real estate acquisitions. "We have invested in France since 1997, and have a track record of more than ten years of know-how to show for it. With total investment assets exceeding three billion euros, Commerz Real is one of the biggest investors on the French real estate market," says Board Member Kühl» (CS della Società)
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