German property fund Commerz Grundbesitz-Spezialfondsgesellschaft (CGS) is to acquire the mixed-use Depot Sachsenhausen development in Frankfurt for EUR 45 mln from a joint venture of several development companies. Depot Sachsenhausen is a former tram depot that incorporates three historic building units with a total floor space of 13,000 m[sup]2[/sup] and 120 parking spaces.
German property fund Commerz Grundbesitz-Spezialfondsgesellschaft (CGS) is to acquire the mixed-use Depot Sachsenhausen development in Frankfurt for EUR 45 mln from a joint venture of several development companies. Depot Sachsenhausen is a former tram depot that incorporates three historic building units with a total floor space of 13,000 m2 and 120 parking spaces.
The redevelopment, scheduled for completion in the third quarter of 2008, will consist of 5,500 m2 of office space, about 3,300 m2 for retail and restaurants and 2,500 m2 of residential space. The remaining area will be used by the municipal library of Frankfurt for archiving. About 80% of the property is already let, more than a year before completion.
CGS said it has invested EUR 150 mln since stepping up its activities at the start of the year.
