German investor Commerz Real has acquired the Cap Sud office property in Montrouge, southwest of Paris, from German property company IVG Immobilien for EUR 80mln. This new seven-storey building is earmarked for Commerz Real's hausInvest europa fund. Completed in March 2008, it has a gross lettable area of 12,454 m2, including gastronomic and storage space as well as 234 parking spaces. It is mainly let to Télé Diffusion France (TDF), a radio and TV network operator active throughout Europe.
German investor Commerz Real has acquired the Cap Sud office property in Montrouge, southwest of Paris, from German property company IVG Immobilien for EUR 80mln. This new seven-storey building is earmarked for Commerz Real's hausInvest europa fund. Completed in March 2008, it has a gross lettable area of 12,454 m2, including gastronomic and storage space as well as 234 parking spaces. It is mainly let to Télé Diffusion France (TDF), a radio and TV network operator active throughout Europe.
'While being part of the dynamic region of Ile de France, the office markets of Montrouge are defined by above-average growth of the service sector, and with it a high floor space demand,' said Hans-Joachim Kühl, board member of Commerz Real in charge of real estate acquisitions. 'By acquiring Cap Sud, we seized the opportunity to let our open-ended real estate fund, hausInvest europa, benefit from the rent increases that are to be expected on location.'
