CGI buys Milan business centre for EUR 125m

German open-ended fund Commerz Grundbesitz-Investmentgesellschaft mbH (CGI) is to acquire the Edison Business Centre development located in Milan's office district of Sesto San Giovanni for EUR 125 mln.

The project development consists of three office buildings sold by the development company Nexity. Completion is expected for the third quarter of 2009. 'In the context of our international investment activities, Milan has strategic importance as Italy's most important business hub,' said Commerz Grundbesitz's chairman Frank Porschke.

Commerz Grundbesitz is one of Europe's largest real estate investment firm and includes Commerz Grundbesitz-Investment GmbH (CGI), a capital investment company founded in 1992 that manages the group's retail funds.