Commerz Grundbesitz expands abroad (DE/NL/FR)

Commerz Grundbesitz Group (CGG) continues on its course of international expansion by opening sales offices in Paris and Amsterdam.

The move is intended to strengthen CGG's local presence on the strategically important real estate markets of France and the Benelux countries. In these countries, the Group already manages a real estate portfolio worth more than €4 billion for its products. Altogether, CGG manages real estate portfolio assets totalling approximately €12 billion. €10 billion thereof are accounted for abroad.

"For our real estate acquisitions within Europe, France and the Benelux countries represent important target markets. With sales offices in Paris and Amsterdam we will further expand our position in these regions. Having a permanent presence on location will give us the possibility to be much closer to the relevant properties and decision-makers. This will improve, and above all quicken, our ability to benefit from current market opportunities," says Dr. Frank Pörschke, Chairman of the Board of Managing Directors of Commerz Grundbesitz.

At either location, CGG in-house staff will be active in the areas of letting and tenant management, in addition to that of property acquisition. The Paris sales office will be opened on 1 April 2007, while the one in Amsterdam will open for business by 1 May 2007.

Source: CGG

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