Commerzbank's fully-owned real estate unit Commerz Real has bought an office property in Lisbon for EUR 20mln. The 'Studio Office Marquês de Pombal' building is earmarked for Commerz Real's ProCommerz institutional fund. The downtown property offers a net lettable area of 4,500 m[sup]2[/sup] plus 57 underground parking spaces. Completely refurbished and expanded as recently as mid-2007, the eight-storey building is let in its majority to companies in various sectors. Full tenancy is expected in the second half of 2008.
Commerzbank's fully-owned real estate unit Commerz Real has bought an office property in Lisbon for EUR 20mln. The 'Studio Office Marquês de Pombal' building is earmarked for Commerz Real's ProCommerz institutional fund. The downtown property offers a net lettable area of 4,500 m2 plus 57 underground parking spaces. Completely refurbished and expanded as recently as mid-2007, the eight-storey building is let in its majority to companies in various sectors. Full tenancy is expected in the second half of 2008.
'In recent years, we have noticed that Portugal's rent rates are growing at a pace more sustained than elsewhere in Europe. With its population of about three million, the greater Lisbon area is the most important economic location, showing the highest spending power in the country,' said Hans-Joachim Kühl, Commerz Real’s board member in charge of real estate acquisitions.
