Commerz Grundbesitz-Spezialfondsgesellschaft (CGS), has signed the deed for a logistics project located in Isle d'Abeau near Lyon. This is the second logistics property in Lyon that CGS has purchased since November 2006. The Isle d'Abeau property, intended for CGS's institutional property funds CGS-Immo-Spezial, was sold by Italian wholesale company Caserta for EUR 12 mln. It has a gross lettable area of 14,000 m[sup]2[/sup]. Although completion of the project is scheduled for January 2008, it is already fully let to Caserta and the associated company La Place.
Commerz Grundbesitz-Spezialfondsgesellschaft (CGS), has signed the deed for a logistics project located in Isle d'Abeau near Lyon. This is the second logistics property in Lyon that CGS has purchased since November 2006. The Isle d'Abeau property, intended for CGS's institutional property funds CGS-Immo-Spezial, was sold by Italian wholesale company Caserta for EUR 12 mln. It has a gross lettable area of 14,000 m2. Although completion of the project is scheduled for January 2008, it is already fully let to Caserta and the associated company La Place.
Isle d'Abeau is the largest logistics location in the Alpes region in France. The location has a total logistics area of about 1 million m2 and is located about 35 km from downtown Lyon, directly bordering on the A43 motorway to Grenoble and Italy.
At present, CGG already manages more than 30 portfolio properties in the Paris conurbation with a combined market value of approximately EUR 2.5 bn and a gross lettable area of 600,000 m2, making the company one of the world’s largest investors on the French real estate market. The completion of the ongoing construction projects will raise the French portfolio of the Group to approximately EUR 3 bn.
