Commerz Real sells office property Cap Sud near Paris
Commerz Real has sold the office property Cap Sud in Montrouge near Paris to a fund managed by Credit Suisse Asset Management. To date the property has been part of the portfolio of the hausInvest open-ended real estate fund.
“Cap Sud is no longer suited to our portfolio from a strategic stance and with the successful leasing of the remaining vacant areas it had attained the necessary market maturity so that we could secure an attractive price for our investors,” explains Henning Koch, Global Head of Transactions at Commerz Real. As recently as July 2019 Commerz Real reported that the property – which was completed in 2008 and has a leasable area of 12,500 square metres – was fully leased to a total of twelve tenants. Cap Sud had undergone extensive modernisation and repositioning as a multi-tenant property after one tenant relocated in 2017, thus leaving 80 per cent of the areas vacant. In the framework of this modernisation a new lobby and service concept was developed and the building supplemented with new offerings such as collaborative conference rooms, co-working areas, showers and changing room areas, bicycle parking areas and charging stations for electric vehicles. In addition, the restaurant, the cafeteria and a patio were renovated and modernised. In architectural terms the conversion work was primarily oriented to natural and modern components such as wood, concrete and green elements.
Commerz Real was advised in the transaction by the real-estate broker CBRE and by Fidal (legal).