Dusseldorf-based Commerz Real, a subsidiary of Commerzbank, has acquired the office complexes Ar Mor Plaza in St Herblain near Nantes and Parc Cezanne 1 in Aix-en-Provence for a total amount of EUR 50 mln from French real estate company Groupe Lazard. The two modern office complexes will be added to the French portfolio of its Hausinvest Europa open-ended property fund.
Dusseldorf-based Commerz Real, a subsidiary of Commerzbank, has acquired the office complexes Ar Mor Plaza in St Herblain near Nantes and Parc Cezanne 1 in Aix-en-Provence for a total amount of EUR 50 mln from French real estate company Groupe Lazard. The two modern office complexes will be added to the French portfolio of its Hausinvest Europa open-ended property fund.
The four buildings of the Ar Mor Plaza comprise 11,500 m2 of GLA and are expected to be completed in the fourth quarter of 2008, after which Commerz Real will take over the buildings. The Parc Cezanne has 11,500 m2 GLA spread over five high-end buildings. Completion and transfer to Commerz Real are scheduled for the second quarter of 2009. The investment volumes for each of the two complexes were EUR 25 mln.
Hans-Joachim Kuhl, Commerz Real's board member in charge of real estate acquisitions, commented: ‘France, with its sound real estate market, plays a key role in the European investment strategy that Commerz Real pursues for its Hausinvest Europa fund. We have invested in France since 1997, and have a track record of more than ten years of know-how to show for it. With total investment assets exceeding three billion euros, Commerz Real is one of the biggest investors on the French real estate market.’
