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«Commerz Real acquired the "Cap Sud" office property in Montrouge, southwest of Paris. Only recently completed, the property is earmarked for the hausInvest europa fund. The total investment volume for the building with its state-of-the-art features equals approximately 80 million euros. It was sold by IVG Immobilien AG.
The seven-storey building, which was completed in March 2008, has a gross lettable area of 12,454 m². In addition to office floor space, the property offers gastronomic and storage spaces, as well as 234 slots in the underground car-park. A number of patios and a centrally located atrium highlight the attractiveness of the technically advanced office property. Anchor tenant is Télé Diffusion France (TDF), a radio and TV network operator active throughout Europe.
Situated in the Ile de France region, the economic powerhouse of France, the office property is marked by the enormous potential of the site, which benefits from its great connectivity to public transportation and Orly International Airport. Owing to its superior location and technological flexibility, the property is perfectly suitable for alternative usage options.
"While being a part of the dynamic region of Ile de France, the office markets of Montrouge is defined by above-average growth of the service sector, and with it a high floor space demand," says Hans-Joachim Kühl, Board Member of Commerz Real AG in charge of real estate acquisitions. "By acquiring ‘Cap Sud,’ we seized the opportunity to let our open-ended real estate fund, hausInvest europa, benefit from the rent increases that are to be expected on location."
Commerz Real AG, a fully-owned Commerzbank AG subsidiary, was created by the merger of Commerz Grundbesitz Gruppe and CommerzLeasing und Immobilien AG. With 44 billion euros in assets under management, the new company is one of the world’s largest real estate asset managers and providers of leasing and investment solutions. Business focus is the provision of investment products, such as open-ended and closed-end real estate 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 equipment leasing.
With a fund volume of more than 9 billion euros, the public fund hausInvest europa is Europe’s largest open-ended real estate fund» (CS della Società)
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