Commerz Grundbesitz-Spezialfondsgesellschaft (CGS), a subsidiary of Commerz Grundbesitz Group, has signed the deed for an office project located in Rambouillet near Paris. The property is earmarked for one of the company's institutional property funds, CGS-Immo-Spezial. The purchase price for the property was approx. €15 million. This results in an initial gross yield against purchase price of 6.75%.
The building, having a gross lettable office area of about 6,900 m², was the project developer GA Entreprise based in Toulouse. The completion of the property is scheduled for December 2007. Even before the construction work started, the entire building was let in a long-term forward commitment to a prestigious, globally leading automotive supplier.
The project is located in Rambouillet, about a 20 minutes' drive from Paris, near the well-developed office location of St-Quentin-en-Yvelines. Here, great traffic connectivity and favourable rent rates have caused an important office location to develop in recent years.