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| Commerz Grundbesitz acquires Charles Square Center in Prague Commerz Grundbesitz Gruppe (CGG) has completed the acquisition the Charles Square Center (CSC), located on Charles Square in Prague, for its open-end public property fund, hausInvest global. The property was bought from Quinlan Private, a leading international private equity and real estate group. The investment costs came to approximately 90 million euros. The nine-storey building, which was completed in 2002, is almost fully let. It covers a gross lettable area of approximately 20,000 sqm, 15,000 sqm of which are office space, while the remaining 5,000 sqm are occupied by retail and gastronomy space. Commerz Grundbesitz currently manages real estate worldwide with a volume of approximately 12 billion euros in 15 different countries. The Group includes Commerz Grundbesitz-Investment GmbH (CGI), a capital investment company founded in 1992, which manages the group's retail funds. These include the market leader hausInvest europa, with a fund volume of more than 8.5 billion euros Europe's largest open-end property fund. In March 2004, CGI started hausInvest global, an open-end fund with investments worldwide and a fund volume now worth more than 1.6 billion euros. By founding the French investment trust CeGeREAL in 2006, Commerz Grundbesitz Group became the first German real estate company to launch a REIT. write your comments about the article :: © 2007 Construction News :: home page |