Shopping Centre Opened in London - Commerz Real

district. The “Westfield” mall will trigger new construction projects, and have
an integrative function for the surrounding area through its participation in
projects such as housing construction, the setup of a public library and the
redecoration of the Sheperd’s Bush Green recreational area nearby.
The deed for new “Westfield” that was signed in 2004 provided that the
Westfield Group project development company would, upon completion, take
over 50 percent of the shopping centre within the framework of a joint venture
with Commerz Real. “hausInvest europa” received the corresponding
proceeds in late October 2008.
“With this ‘Westfield’ mall, a benchmark on the European shopping centre
market has been created,” elaborated Hans-Joachim Kühl, Member of the
Board of Commerz Real and in charge of real estate acquisitions. “Together
with the Westfield Group, a partner renowned and experienced in the
shopping centre segment, we will make this project a long-term success." On
top of that, Kühl sees additional investments potential in the greater London
area. “Following several years of abstinence due to inflated prices, we
acquired real estate with an aggregate volume of 300 million euros there
during Q3. Most recently, the open-ended real estate funds have been the
most active group of investors in London. The industry is currently very
reticent in its activities in face of the extreme sense of uncertainty on the
financial markets. As soon as the market conditions permit it, we will intensify
our efforts to take advantage of attractive investment opportunities.”
At the time of the grand opening of the “Westfield” mall, 95 percent of the floor
space was already let, mostly to internationally active retailers. “The
successful marketing of the ‘Westfield’ and the projected long-term rental
income will make an essential contribution to the positive performance of
‘hausInvest europa’,” said Hubert Spechtenhauser, Spokesman of the Board
of Directors of Commerz Real AG. “Even under the currently difficult
conditions we will realise annual returns of over 5 percent for our investors.
The same is true, by the way, for 'hausInvest global', our globally invested
fund."
www.commerzreal.com Page 2