Commerz Grundbesitz-Investmentgesellschaft (CGI), a member of Commerz Grundbesitz Group (CGG), has sold a block of German real estate from its HausInvest Europa open-end property fund to Morgan Stanley Real Estate Fund (MSREF) for EUR 526 mln. The 29 properties are located in the Rhine-Main area, the Rhine-Ruhr area, Munich, Berlin, Hamburg, Stuttgart and Lübeck.
Commerz Grundbesitz-Investmentgesellschaft (CGI), a member of Commerz Grundbesitz Group (CGG), has sold a block of German real estate from its HausInvest Europa open-end property fund to Morgan Stanley Real Estate Fund (MSREF) for EUR 526 mln. The 29 properties are located in the Rhine-Main area, the Rhine-Ruhr area, Munich, Berlin, Hamburg, Stuttgart and Lübeck.
'Against the background of the currently sound economic situation on the real estate market, we have seized the opportunity to streamline the portfolio of hausInvest europa,' said CEO Frank Pörschke in a press statement. The sale is in line with CGI's strategy to focus on larger objects in the central business districts of major European cities. Pörschke added that the proceeds of the sale would be used for new acquisitions. 'As far as the real estate group as a whole goes, we are planning real estate acquisitions with a volume of more than EUR 2 bn worldwide,' he said.