Commerz Real Acquires Generali Lebensversicherung’s Millennium Portfolio
Posted on 09/29/2019
Commerz Real AG is part of Commerzbank. Commerz Real, on behalf of its open-ended real estate fund Hausinvest, acquired the €2 billion Millennium Portfolio owned by Generali Lebensversicherung AG. This portfolio consists of 26 office, 14 residential and 9 retail properties in German cities such as Berlin, Düsseldorf, Frankfurt am Main, Hamburg, Cologne, Munich, and Stuttgart, as well as in Giessen, Leipzig, and Unterhaching. The total leasable area of the portfolio exceeds 352,000 square meters.
BNP Paribas Real Estate brokered the transaction. The seller was advised by Allen & Overy. Commerz Real was advised by KPMG for tax matters and CMS Hasche Sigle for legal issues. . Commerz Real was also advised by Wertgrund Immobilien AG and Arcadis.
Commerz Real is moving significantly closer to its declared goal of investing around €2 billion in the residential sector in the next four years.
Germany-based Viridium Group owns a majority stake in Generali Lebensversicherung AG.
Keywords: Assicurazioni Generali, Generali Group.