Commerz Real has just sold the 'Stampede Station' office scheme in Calgary, Canada, from the portfolio of its hausInvest open-ended real estate fund.
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Stampede Station was acquired by Artis REIT.
The sales proceeds from the grade-A property equal to approximately CA $90 million (approx. 63.4 million). The property was acquired by Artis REIT, a Real Estate Investment Trust based in Canada. The real estate portfolio of Artis includes around 150 office, retail, and logistics properties located throughout Canada and the United States.
"Our timing to sell the Stampede Station property was perfect for exploiting the market cycle," said Hans-Joachim Kühl, Member of the Board of Commerz Real AG and in charge of real estate transactions.
"The acquisition of the property two years ago marked our successful entry into the Canadian office real estate market. The positive performance of Calgary's office market and the high quality of the fully occupied property translated into a steady gain in yields for this asset. Given the keen interest on behalf of the buyer's market, everything fell into place, making it the perfect time to sell."
The total investment volume for the nine-story office scheme had added up to approximately CA $74 million. This means that the sales proceeds exceed the original purchase price by CA $16 million or 22% after just 24 months.
Stampede Station is situated in the prime office location of the Beltline submarket on the south end of downtown Calgary. The property has a lettable area of around 15,100 m², most of which is used by IHS Energy, an energy service provider.
Source: Commerz Real AG
"Our timing to sell the Stampede Station property was perfect for exploiting the market cycle," said Hans-Joachim Kühl, Member of the Board of Commerz Real AG and in charge of real estate transactions.
"The acquisition of the property two years ago marked our successful entry into the Canadian office real estate market. The positive performance of Calgary's office market and the high quality of the fully occupied property translated into a steady gain in yields for this asset. Given the keen interest on behalf of the buyer's market, everything fell into place, making it the perfect time to sell."
The total investment volume for the nine-story office scheme had added up to approximately CA $74 million. This means that the sales proceeds exceed the original purchase price by CA $16 million or 22% after just 24 months.
Stampede Station is situated in the prime office location of the Beltline submarket on the south end of downtown Calgary. The property has a lettable area of around 15,100 m², most of which is used by IHS Energy, an energy service provider.
Source: Commerz Real AG
