Commerz Grundbesitz Group (CGG) has invested EUR 60 mln in an office building located in the north of Milan. The property is earmarked for the Group's open-end property retail fund, hausInvest europa. Built in 1989, the premise comprises a lettable floor space of 23,000 m2, as well as 341 parking spaces. It is fully let to one of Italy's largest telephone network operators.

Commerz Grundbesitz Group (CGG) has invested EUR 60 mln in an office building located in the north of Milan. The property is earmarked for the Group's open-end property retail fund, hausInvest europa. Built in 1989, the premise comprises a lettable floor space of 23,000 m2, as well as 341 parking spaces. It is fully let to one of Italy's largest telephone network operators.

The property is located on the Viale Fulvio Testi, which runs past the Bicocca office quarter. 'The acquisition of the office building in Bicocca represents the second large investment in Milan this year,' said chairman Frank Pörschke. CGG bought the Edison Business Center development last March for EUR 125 mln. 'This comprehensive commitment of our group demonstrates that Milan, being Italy's most important business hub, plays a major role in the implementation of our international investment strategy', he added.