Dr. Detlev Dietz will become a member of the Board of Directors of Commerz Grundbesitz Investmentgesellschaft (CGI), the managementorganisation of the open-end real estate fund Haus-Invest. He will eventually succeed Rolf Chenu who will withdraw from the Board in the third quarter of 2003. Dietz will become a direct colleague of Dutchman Hans de Haan who is also present in the Board. Haus-Invest is the largest German investor in the Netherlands with an amount of approx. Ã¢âÂ¬ 1.9 billion.
Dietz previously worked for ECE Immobiliengruppe. Haau-Invest of CGI is one of the largest open-end funds of German origin and mostly focusses on foreign countries. The fundÃ¢â¬â¢s portfolio represented almost Ã¢âÂ¬ 10.9 billion at the end of February 2003. German and French investments each rrepresent almost 26% of the portfolio. Dutch investments form approx. 17% of the portfolio. Haus-Invest was also involved in many projects of Multi Development Corporation which is now a part of AM. For example CGI bought Almada Forum in Portugal which was developed by AM for the amount of over Ã¢âÂ¬ 100 million. It has also invested Ã¢âÂ¬ 250 million in the presitgiuous Mahler4 project on the Amsterdam Zuidas.