Investment Criteria Comreal - Commerz Real
Investment Criteria Comreal - Commerz Real
Investment Criteria Comreal - Commerz Real
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<strong>Investment</strong> criteria<br />
What type of properties does<br />
<strong>Commerz</strong> <strong>Real</strong> AG invest in?<br />
This preliminary information shall provide<br />
developers, real estate agents and property<br />
owners a short summary of the criteria<br />
considered by <strong>Commerz</strong> <strong>Real</strong> AG for<br />
investments in real estate for their open-ended<br />
and closed-ended real estate property funds as<br />
well as special funds.<br />
<strong>Commerz</strong> <strong>Real</strong> does not invest in residential<br />
properties or special-use properties (e.g.<br />
cinemas, recreational facilities or tourist hotels).
Sectors Office / Retail / Logistics / Hotel<br />
Locations only 1A-locations<br />
Country / City<br />
Germany Hamburg, Berlin, Munich, Dusseldorf,<br />
Stuttgart, Frankfurt/Main and midsized-cities<br />
France Paris<br />
Italy Milan, Rome<br />
Spain Madrid, Barcelona<br />
Portugal Lisbon<br />
Netherlands Amsterdam, Rotterdam<br />
Belgium Brussels<br />
Luxembourg<br />
Great Britain London<br />
Norway Oslo<br />
Sweden Stockholm<br />
Finland Helsinki<br />
Czech Rep. Prague<br />
Poland Warsaw
Tenancy structure<br />
Single-let or multi-let; companies with a good credit rating;<br />
lease contracts > 5 years (lease contracts < 5 years max. 25% of<br />
a single investment)<br />
Property structure<br />
Standing property preferred<br />
Project developments pre-letting > 75%<br />
forward funding or forward purchase<br />
<strong>Investment</strong> volume<br />
open-ended funds<br />
Office: approx. € 50-150 million<br />
Retail: approx. € 50-300 million<br />
Logistic: € 20-40 million<br />
Hotel: € 20-75 million<br />
closed-ended funds<br />
approx. € 50-300 million<br />
Deal structure<br />
Asset deal / share deal / 100% ownership preferred<br />
Debt capital expenditure<br />
Germany/Austria: 0%;<br />
in countries with guaranteed tax deductibility of the interest: 50%
<strong>Investment</strong> criteria<br />
European Union<br />
Sector<br />
Office<br />
Retail<br />
Hotel<br />
Logistics<br />
Location<br />
EU key markets<br />
(capital cities as well as the<br />
largest markets)<br />
Conurbations in the EU<br />
Business or city hotels in<br />
conurbations in the EU<br />
Logistics hubs in<br />
conurbations in the EU<br />
Preferred locations in Germany:<br />
� Berlin<br />
� Hamburg<br />
� Munich<br />
� Rhine-Ruhr-area<br />
Life cycle<br />
New or refurbished,<br />
not older than 10<br />
years;<br />
project developments<br />
New or refurbished,<br />
not older than 10<br />
years;<br />
project developments<br />
New or refurbished,<br />
not older than 10<br />
years;<br />
project developments<br />
New or refurbished,<br />
not older than 10<br />
years;<br />
project developments<br />
� Rhine-Main-area (specially Frankfurt/Main)<br />
Occupancy<br />
75 - 100%<br />
50 - 100%<br />
100%;<br />
only lease<br />
contracts<br />
50 - 100%
<strong>Investment</strong> criteria<br />
Germany<br />
Sector<br />
Lot Size<br />
Location<br />
Tenancy<br />
Occupancy Rate<br />
Quality of the building<br />
Developments<br />
New office buildings<br />
€ 20 million to € 150 million<br />
Large-sized cities<br />
1A, 1B locations<br />
Berlin<br />
Dusseldorf<br />
Frankfurt<br />
Hamburg<br />
Munich<br />
Cologne<br />
Stuttgart<br />
Good credit rating<br />
normally >75% (max. 25% lease guarantees)<br />
Single as well as multi-tenant use<br />
High standard;<br />
High flexibility<br />
Pre letting >75%;<br />
No planning risks<br />
Medium-sized cities<br />
1A locations<br />
Duisburg/Essen<br />
Dresden<br />
Hanover<br />
Leipzig<br />
Wiesbaden/Mainz<br />
Mannheim<br />
Muenster/Osnabrueck<br />
Nuremberg
<strong>Investment</strong> criteria<br />
US / Canada / Asia / Eastern Europe<br />
Sector<br />
Office<br />
Retail<br />
Hotel<br />
Logistics<br />
Location<br />
Key markets<br />
(capital cities as well as the<br />
largest markets)<br />
Conurbations<br />
Business or city-hotels in<br />
conurbations<br />
Logistics hubs in<br />
conurbations<br />
Life cycle<br />
New or refurbished,<br />
not older than 10<br />
years;<br />
project developments<br />
New or refurbished,<br />
not older than 10<br />
years;<br />
project developments<br />
New or refurbished,<br />
not older than 10<br />
years;<br />
project developments<br />
New or refurbished,<br />
not older than 10<br />
years;<br />
project developments<br />
Occupancy<br />
100%<br />
100%<br />
100%;<br />
only lease<br />
contracts<br />
100%
<strong>Investment</strong> criteria<br />
Special funds<br />
Funds<br />
Euro Office 1<br />
<strong>Commerz</strong> European<br />
Office<br />
Euro Property 1<br />
Euro Logistik 1<br />
Shopping Center D<br />
Pro<strong>Commerz</strong><br />
Immospezial<br />
Sector<br />
Office € 20 to 45 million<br />
Office, retail,<br />
logistics, hotels<br />
Logistics<br />
Shopping<br />
Centres + other<br />
retail properties<br />
Office, retail,<br />
logistics, hotels<br />
Lot Size Location Life cycle<br />
€ 15 to 50 million<br />
€ 15 to 30 million<br />
€ 15 to 150 million<br />
€ 15 to 50 million<br />
Western<br />
European<br />
business<br />
conglomerations<br />
EU<br />
Top locations<br />
EU, mainly<br />
Germany, France<br />
and Italy<br />
Germany, only<br />
cities >50,000<br />
inhabitants<br />
European<br />
Community<br />
business<br />
conglomerations<br />
New or refurbished,<br />
not older<br />
than 10<br />
years
<strong>Investment</strong> criteria<br />
Closed-ended funds<br />
Sector<br />
Lot size<br />
Location<br />
Quality of the building<br />
Tenancy<br />
Office, retail, logistics, hotels<br />
Standing investments as well as project developments<br />
€ 50 million to € 500 million<br />
Worldwide in capital cities and conurbations<br />
High standard;<br />
Potential for further utilisation<br />
Tenants with good credit rating;<br />
Long leases with minimum 10 years or<br />
high ability to lease;<br />
Occupancy rate >80%
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