CommerzLeasing und Immobilien (CLI) and Commerz Grundbesitz Gruppe (CGG) are to integrate their activities before the end of the year. The merger
CommerzLeasing und Immobilien (CLI) and Commerz Grundbesitz Gruppe (CGG) are to integrate their activities before the end of the year. The merger
will create one of the world's largest real estate asset managers and structuring-leasing service providers. The combined company will have more than EUR 41 bn in assets under management.
The companies - both member companies of Commerzbank Group - said the objective of the merger is to offer a wider one-stop product spectrum and to expand the existing investor and customer base. Both company headquarters - Düsseldorf (CLI), the other in Wiesbaden (CGG) - will be retained and the merged company will be registered in Eschborn near Frankfurt am Main. Dr. Frank Pörschke of CGG and Hubert Spechtenhauser of CLI are to continue in their roles as designated management spokesmen.
The companies belong to the Commercial Real Estate division of Commerzbank Group, headed by board member Bernd Knobloch. 'Both CGG and CLI have been reporting exceedingly successful business trends. For this reason the existing human resources will be taken over intact by the joint company,' the statement said.
CGG is a real estate asset management company that manages open-end property retail funds along with institutional property funds and REITs. The group currently manages real estate worldwide with a volume of approximately EUR 12 bn in 15 different countries. The company has foreign real estate assets of approximately EUR 10 bn and a gross lettable area of about 3 million m2, making it one of Europe's largest real estate investment houses.
CLI's services cover the entire spectrum of the leasing and real estate business. It currently has more than EUR 29 bin in assets under management.
