Haus-invest, the German open-end real estate fund of Commerz Grundbesitz Investmentgesellschaft (CGI), has bought the 42.000 mÃÂ² Millennium Tower and the underlying parkinggarage with 380 spaces for the amount of Ã¢âÂ¬ 115 mln. The Millennium Tower, a development by Imca Vastgoed, is being realised in the Teleport area in Amsterdam-West. The gross starting return on investment is approx. 7%.
Van Gool & Partners mediated on behalf of CGI. The tower is still being built and is expected to be delivered halfway 2004. The tower was completely rented to Reed Elsevier in 2001 for approx. Ã¢âÂ¬ 182,- per mÃÂ².