Commerz Real and RFR cooperating in Miami once again (US)

Commerz Real and RFR Holding have signed an agreement to purchase the real estate “Atlas Plaza” in Miami/Florida for its open-ended real estate fund hausInvest. The retail trade complex, located in the burgeoning Design District, scheduled to be completed by May 2015.
Upon the completion of the building work the leasable area will total approximately 1,600 m². The total investment volume for the acquisition and extension of “Atlas Plaza” amounts to around 68 million US dollars (approx. €60 million).
At present 96% of the floor space in the two existing buildings (total of ca. 1,100 m²) is leased to tenants, including Rolex and Longchamp, two brands which are part of the French group LVHM. The Design District, which is located to the north of downtown Miami, is characterized by an assortment of luxury stores, hotels and upmarket restaurants.
“With the recent acquisition in Miami we are underlining the consistency of our intention to specifically expand the commitment of hausInvest outside of Europe. In line with the investment strategy we can invest as much as 15% of the fund assets in overseas markets. In this respect, alongside the Asia-Pacific region, it is above all selected locations in North America which are of interest to us,” explains Dr. Andreas Muschter, the Chief Executive Officer of Commerz Real AG.
Source: Commerz Real