Commerz Real acquires hotel in Berlin for EUR 23m

Commerz Real has acquired a hotel project development in Berlin on behalf of its open-ended hausInvest europa real estate fund. The investment volume comes to around EUR 23 mln.

The property, which is located in the central district of Mitte, has a gross lettable area of about 10,400 m2, 303 rooms, and an underground car park. The future tenant, the Motel One hotel chain, has signed a forward commitment for a 25-year lease that will commence with the completion of the building in December 2010.

The development was sold by GBI AG in Berlin, a real estate developer and investor specialising in hotels. The firm has completed and placed a total of 17 hotel projects since the company was formed in 2001.

Click on the link below to read 'Commerz Real to merge hausInvest funds into EUR 12.5b giant'