CGG reports record transaction volume of EUR 3.5 bn

Commerz Grundbesitz Group (CGG) has reported the highest transaction volume in the company's history, with a total of EUR 3.5 bn in real estate acquisitions and disposals in the 12 months to end-May.

During the presentation of its financial figures in Frankfurt on Tuesday, CGG said it had signed deeds for 22 new properties worth a total EUR 1.5 bn, while selling 46 properties for a total EUR 2 bn over the period. The German real estate asset manager also expanded its operations to Luxembourg and Japan, and opened sales offices in Paris and Brussels.

CGG manages some 160 properties, with a gross lettable area of three million m² and an aggragate value of EUR 12 bn, spread across 15 countries on three continents. More than 420,000 investors have invested in CGG products to date.

Frank Porschke, chairman of CGG, said the group became the first German real estate company to launch a real estate investment trust following the IPO of Cegereal in Paris last March. Its share price has risen from the initial EUR 31.80 per share to EUR 39.8 by 18 June - an increase of more than 25%.

CGG's property retail funds Hausinvest Europa and Hausinvest Global recorded inflows of EUR 800 mln since the start of the year, he said.