Commerz Grundbesitz-Spezialfondsgesellschaft (CGS), a subsidiary of Commerz Grundbesitz Group, has signed the deed for the Depot Sachsenhausen project development in Frankfurt/Main with an investment volume of €45 million. Following its completion, scheduled for Q3 2008, the property will be added to the CGS Immo-Spezial institutional fund managed by CGS. The seller was Gesellschaft Depot Sachsenhausen, a joint venture of several experienced project development companies.
The Depot Sachsenhausen project development represents a former tram depot including three historic building parts and a total floor-space of about 13,000 m² as well as 120 parking spaces. Depot Sachsenhausen is located in an established and much-sought location in the eponymous district in Frankfurt, not far from the Südbahnhof railway station.
Located in the immediate vicinity are high-end residential areas as well as a diversified spectrum of retail and gastronomic venues. The attractiveness of the property is moreover highlighted by the architectonic design, which combines historic structures with modern elements. The main type of usage is defined by 5,500 m² in office space. About 3,300 m² are accounted for by retail and gastronomy, and about 2,500 m² are residential floor-space. The remaining areas will be taken over by the municipal library of Frankfurt and used for archiving.
The letting of the property has progressed very successfully. Even today, that is, more than a year ahead of the completion, over 80 percent of the total lettable area have been signed away. The great demand that is reflected in these successful forward commitments is due to the property's high qualities in terms of structure and location.
With the acquisition of Depot Sachsenhausen, CGS continues its acquisition activities that have been stepped up since the beginning of the year. The volume invested in 2007 so far now amounts to a total of €150 million.
Source: Commerz Grundbesitz