CGI acquires Hamburg-America office development

Fund manager CGI, a member of Commerz Grundbesitz Group (CGG), has signed the deed for the Hamburg-America-Center office development in Hamburg's new Hafen City port district. The volume of the transaction is about EUR 26 mln and the anticipated gross acquisition yield is more than 5.5%. The building, with 7,200 m[sup]2[/sup] of lettable area and 80 underground parking spaces, was sold by Hamburg-based project developer DS Bauconcept. Construction is scheduled to start in late 2006.

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