CGS acquires office project in Nice (DE/FR)

Just a few days ago, Commerz Grundbesitz-Spezialfondsgesellschaft (CGS) signed the deed for the Nice Plaza project development in Nice, France, on behalf of one of special real estate funds the company manages.

The project has an investment volume of more than €40 million. Seller is LAZARD Group in Strasbourg. The completion of Nice Plaza is scheduled for the fourth quarter of 2007.

The lettable area of this office property covers approx. 15,000 m2, and is located within walking distance of the airport and the regional train station of Nice, the Cote dAzur metropolis.

According to CGS, the projects promising outlook is based on the yet limited supply of modern rental space and the superior location within the city.

Before 2007, there will be no comparable offers in lettable space in Nice, so that we will practically have a unique sales proposition on the letting market for new space, as Dr. Frank Pörschke, Management Spokesman for Commerz Grundbesitz Group, explains the positive market assessment.

Source: CGS

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