German property investor Commerz Real has signed a contract to purchase an office development in the Charlottenburg district of Berlin for its ProCommerz institutional fund for EUR 14 mln. The Westend IV project is adjacent to an office building with 11,000 m[sup]2[/sup] of gross lettable area which Commerz Real acquired for the fund in late 2006 for EUR 24 mln.
As Ares completed a €325 mln French logistics acquisition from Blackstone, another French portfolio came onto the market.
