German investor Commerz Real has acquired the Stampede Station office building in Calgary, Canada for EUR 48.5 mln. The property, with a gross lettable area of nearly 15,000 m2, was completed in January 2009 and is fully let on long-term leases. The acquisition was made on behalf of Commerz Real's open-ended real estate fund hausInvest global.
German investor Commerz Real has acquired the Stampede Station office building in Calgary, Canada for EUR 48.5 mln. The property, with a gross lettable area of nearly 15,000 m2, was completed in January 2009 and is fully let on long-term leases. The acquisition was made on behalf of Commerz Real's open-ended real estate fund hausInvest global.
'Our previous commitments in Canada used to focus on shopping malls. Through the acquisition of Stampede Station, we are expanding our activities into the office sector,' said Hans-Joachim Kühl, Member of the Board of Commerz Real and in charge of real estate acquisitions. 'The state of the art building, the attractive location in terms of infrastructure, and the growth prospects for the region offer positive preconditions for a sustainable strengthening of the fund performance.'
Apart from being the most important transportation hub in western Canada, Calgary is also the economic and cultural centre of the Canadian province of Alberta. As the region is closely tied to the oil and gas industry, the medium- and long-term prospects for the local economy are bright. The Stampede Station office building is situated one kilometre from the central business district in the Beltline area, with excellent access to the main highways serving Calgary and public transportation.
