RREEF acquires Commerz office scheme for EUR 108m

Commerz Real announced on Monday that it has sold the Grade A office property Capital House in London to fellow German investment company RREEF Investment for about EUR 108 mln.

The asset was held by Commerz Real's 'hausInvest europa' open-ended real estate fund. RREEF is a member of the Deutsche Bank group.

'We are selling the project in conjunction with our ongoing optimisation and a stronger regional diversification of the fund portfolio,' said Hans-Joachim Kühl, member of the Board of Commerz Real and in charge of real estate transactions. 'On the one hand, we are also acquiring assets outside the major conurbations. On the other hand, we are seizing the chance to dispose of properties where the time for exiting sensibly matches our commitment history.'

Capital House has a gross lettable area of roughly 11,700 m² and is situated in the City of London near the Stock Exchange and the Bank of England. The eight-floor building features a high-quality and modern fit-out, and is fully let to several service providers.