Commerz Real has expanded its individual mandate business outside of Europe with the acquisition of two office assets for South Korea’s Hana Financial Investment.
Commerz Real, through its Luxembourg company CR Fund Management, bought the buildings which are part of the Lixa office building complex in the capital of Poland – currently under construction on Kasprzaka Street.
The assets were acquired from the project developer Yareal International for an undisclosed sum.
Both office buildings are scheduled for completion by mid-2020 and will then have a leasable area of 28,700sqm and 410 underground car parking spaces. The 13-storey Building A will have 22,400sqm of leasable area, and the 6-storey Building B will have 6,365sqm.
Building A is already leased in full for ten years to the Polish subsidiary of BNP Paribas Bank, BGZ BNP Paribas Bank Poland, which will relocate its headquarters there. Building B has a current occupancy rate of 78%.
Johannes Anschott, a member of the board of Commerz Real responsible for institutional business, said: “We intend to open up for international investors to a much greater degree in the future.
To date only German companies and domestic subsidiaries of foreign investors have invested in the nine institutional funds, Anschott said.
“Above all we are seeing much stronger demand for professionally structured investment opportunities in Europe from the Middle East and Asia.”