Commerz Grundbesitz-Spezialfondsgesellschaft (CGS), a subsidiary of Germany's Commerz Grundbesitz Group, has signed the contract for the acquisition of three logistics properties in the North Rhine Westphalia region of Germany for about EUR 50 mln. The buildings are earmarked for the company's EURO Logistik 1 special property fund for institutional investors.
Commerz Grundbesitz-Spezialfondsgesellschaft (CGS), a subsidiary of Germany's Commerz Grundbesitz Group, has signed the contract for the acquisition of three logistics properties in the North Rhine Westphalia region of Germany for about EUR 50 mln. The buildings are earmarked for the company's EURO Logistik 1 special property fund for institutional investors.
The 63,500 m2 portfolio consists of one high-end property each in industrial parks in Bedburg, Greven and Solingen. The buildings, completed in 2002, 2006 and 1996 respectively, were sold by a property company owned by Movesta Lease and Finance, a joint venture between IKB Deutsche Industriebank and KfW IPEX Bank. Jones Lang LaSalle advised the joint venture.
Founded in 2001, CGG manages real estate with a volume of about EUR 13 bn worldwide. With foreign real estate assets worth more than EUR 10 bn, and a gross lettable area of about 3.5 million m2, CGG is one of the largest European real estate investment houses.
