Commerz Real buys Liverpool development

Commerz Real has said it intends to carry out EUR 1.5 bn of new real estate acquisitions in Europe. 'Our plans include other real estate acquisitions in a volume between EUR 1-1.5 bn on behalf of our open-ended real estate funds before the end of this year,' said Commerz Real board member Hans-Joachim Kühl.

'The sound liquidity base of HausInvest Europa puts us in a position to exploit attractive investment opportunities in the coming weeks and months,' he added.

Kühl was commenting as Commerz Real announced it had acquired an office development in Liverpool for EUR 52.5 mln. 'What finally tied our decision to commit in Liverpool, aside from the quality of the prestigious location, was the long-term lease of the entire building to a high-net-worth tenant,' he said.

The property is scheduled to be completed by the first quarter of 2011, and is already fully pre-leased on a fixed 30-year lease. It will house the Merseyside Integrated Transport Authority (MITA) which operates the public transport in the metropolitan area of Liverpool and the county of Merseyside.

The 13-storey scheme provides about 13,000 m² in office space and more than 100 parking spaces, and will be raised on the Mann Island regeneration site. The area is part of the historic Albert Dock port, an UNESCO world heritage site.