Commerz Real Invests in Sweden on Behalf of “hausInvest europa”

Commerz Real just signed the deed for the Danderyd Retail Park in Stockholm. The investment has a total volume of approximately 28 million euros. The shopping centre consists of nine separate properties with a gross lettable area of roughly 14,300 sqm. Letting has been vastly successful. The first eight building are slated for completion in the winter of 2010, with the final unit to be completed by spring 2011. The mall, which is designed in line with green building standards, was sold by the leading Danish project development company TK Development, the same that previously realised the Barkaby and Malmö Entre shopping centre projects for Commerz Real.

“We are very pleased to have acquired Danderyd Park in Stockholm and to supplement our Swedish real estate portfolio with another property for hausInvest europa,” said Hans-Joachim Kühl, Member of the Board of Commerz Real and in charge of real estate acquisition.

“We consider it a sustainable success for our open-ended real estate fund; even now, the property is let to 99 percent on long-term leases with renowned retailers.”

The Danderyd Retail Park consists of nine neighbouring retail properties and about 500 parking spaces. The high-net-worth tenants come from the food, electronics, furnishing and gastronomic sectors, including anchor tenant Coop Extra. The overwhelming ma-jority of leases have a fixed lifetime of ten years, with one lease extending over 20 years. Situated in the eponymous district of Stockholm, the Danderyd Retail Park mall is being raised in Sweden’s most affluent community, and located only ten kilometres north of the city centre. The property is highly visible and easily accessible from the E18 motorway, one of the main arteries serving Stockholm. Due to its centrality, the dynami-cally growing region, and its superior connectivity to public transportation, the property comes with attractive location benefits.

Commerz Real transacted an attractive investment as it acquired the Danderyd Retail Park in Stockholm for “hausInvest europa.”

source : Commerz Real AG