Commerz Grundbesitz Group (CGG) has signed the deed for the Portes de France office building currently under construction. The transaction volume came to approximately €115 million.
Following its completion in summer 2008, the office building will be added to the Fund portfolio of hausInvest global. The open-end property funds of Commerz Grundbesitz, with investments worldwide, have reported a net cash inflow in the amount of approximately €400 million since 1 January 2007. This most recent commitment will further increase the Fund's real estate portfolio.
The building, which has a gross lettable area of approximately 25,000 m² and 400 parking spaces, was sold by Capital & Continental and Slough Estates International. Portes de France is being built in the established office location of St. Denis, north of downtown Paris. Prestigious major corporations such as Credit Lyonnais, France Telecom, SNCF, Samsung, Arcelor and Siemens have settled here.
In terms of traffic connectivity, the property is conveniently located next to the A86 motorway, which represents the northern gateway to metropolitan Paris. In this sense, the office building will be aptly named Portes de France.
"Portes de France comes with an outstanding site potential thanks to its prominent location within walking distance of the renowned Stade de France. This ensures the property's long-term marketability and lettability," says Dr. Frank Pörschke, Chairman of the Board of Managing Directors of Commerz Grundbesitz.
Source: CGG
