Germany's Commerz Real has just sold the Stampede Station office scheme in Calgary, Canada, from the portfolio of its hausInvest open-ended real estate fund. The asset was acquired by local investor Artis REIT for a total of CA$90 mln (EUR 63 mln).
Germany's Commerz Real has just sold the Stampede Station office scheme in Calgary, Canada, from the portfolio of its hausInvest open-ended real estate fund. The asset was acquired by local investor Artis REIT for a total of CA$90 mln (EUR 63 mln).
'Our timing to sell the Stampede Station property was perfect for exploiting the market cycle,' said Hans-Joachim Kühl, member of the board of Commerz Real in charge of real estate transactions.
'The acquisition of the property two years ago marked our successful entry into the Canadian office real estate market. The positive performance of Calgary's office market and the high quality of the fully occupied property translated into a steady gain in yields for this asset. Given the keen interest on behalf of the buyer's market, everything fell into place, making it the perfect time to sell.'
The sales value exceed the original purchase price by CA $16 mln, or 22% in just 24 months, Commerz Real said in a statement.
Stampede Station is situated in the prime office location of the Beltline submarket on the south end of downtown Calgary. It provides 15,100 m2 of space across nine storeys.
