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Sign in Sign up for a FREE subscriptionCommerz Real buys €2b Millennium portfolio in Germany
Commerz Real has acquired the €2 billion ($2.2 billion) Millennium Portfolio from Generali Lebensversicherung AG.
The investment was made on behalf of Commerz Real’s open-end real estate fund Hausinvest.
The Millennium Portfolio comprises 26 office, 14 residential and nine retail trading properties with a total leasable area of more than 352,000 square meters (3.8 million square feet) in inner-city locations in Berlin, Düsseldorf, Frankfurt am Main, Hamburg, Cologne, Munich and Stuttgart, as well as in Giessen, Leipzig and Unterhaching. The properties are mainly between 5,000 square meters (54,000 square feet) and more than 10,000 square meters (108,000 square feet) in size, with the majority (about 61 percent) built or modernized after the year 2000. The occupancy rate across all the properties is approximately 93 percent.
