German property investor Commerz Real has signed a contract to purchase an office development in the Charlottenburg district of Berlin for its ProCommerz institutional fund for EUR 14 mln. The Westend IV project is adjacent to an office building with 11,000 m[sup]2[/sup] of gross lettable area which Commerz Real acquired for the fund in late 2006 for EUR 24 mln.
German property investor Commerz Real has signed a contract to purchase an office development in the Charlottenburg district of Berlin for its ProCommerz institutional fund for EUR 14 mln. The Westend IV project is adjacent to an office building with 11,000 m2 of gross lettable area which Commerz Real acquired for the fund in late 2006 for EUR 24 mln.
The existing building is let on a long-term basis to a pharmaceuticals firm. Commerz Real said that the tenant's need for more floor space set the scene for the expansion. The new building, which will have a lettable area of 5,500 m², is expected to be completed in June 2010. The seller is a Berlin-based project development company.
