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Commerz pays €2B for German portfolio

Commerz Real AG said it purchased the 49-property Millennium Portfolio in Germany from Generali Lebensversicherung AG.

The portfolio was acquired for €2 billion, Institutional Real Estate Inc. reported.

The properties, acquired for Commerz's Hausinvest fund, comprise 26 office, 14 residential and nine retail trading properties in premium locations in the top seven metropolises of the country and total more than 352,000 square meters.

The properties are in the inner-city locations in Berlin, Düsseldorf, Frankfurt am Main, Hamburg, Cologne, Munich, Stuttgart, Giessen, Leipzig and Unterhaching.

The portfolio is approximately 93% leased.