Commerz Grundbesitz-Investmentsgesellschaft mbh (CGI) has bought the London shopping center White City for its haus-invest Europa fund from the British developer Chelsfield.
The project development in the west of the capital will be ready in three years and by then will have used an investment amount of € 2 billion. This makes White City the worldwide largest single investment ever made by an open-end real estate fund.
After completion, Chelsfield will take over 50% of the shopping center as well as the center management from CGI. With approximately 130,000 m² surface, this will be the largest inner city shopping center of the country. Since autumn 2003 the shopping center is being built on the 162,000 m² large area in the west of London on two plains. The complex also involves connections to four main roads, a freeway as well as several subway and bus stops.
A rental contract has already been signed with Marks & Spencer for approx. 19,500 m² but CGI is expecting that the center will be fully let by the time it is completed. CGI CEO Arnold de Haan is counting on an initial return of more than 6%.
Source: Immobilien Manager/ Immobilien Zeitung