Commerz Real: CFB fund 165 – ÉPIC SNCF extends lease agreement for Paris office property Euro Alsace

Commerz Real has secured a long-term use for its entrepreneurial shareholding in CFB fund 165, the Parisian office property Euro Alsace. The new agreement with the sole tenant ÉPIC SNCF (Établissement Public à Caractère Industriel et Commercial Société Nationale des Chemins de Fer Francais) will end after nine years. Thus the lease agreement concluded in October 2008 for a total lettable space of approximately 16,000 square metres and 49 underground car parking spaces has been extended more than one and a half years before it was due to expire.

Roland Holschuh, the member of the Management Board of Commerz Real AG responsible for Real Estate Asset Management: “We are very pleased that we have attained our objective of persuading the tenant to conclude a premature extension of the lease agreement for this centrally located office property. By securing ÉPIC SNCF as a tenant with a high creditworthiness rating and an outstanding reputation, we are fulfilling the prerequisites for an ongoing stable investment.”

The property Euro Alsace is a complex of buildings in the 10th arrondissement of Paris, approximately three kilometres north east of the central business district (CBD). It comprises three structures arranged in a U shape and has two sub-levels and six upper floors. Its modern fit-out and the possibilities for a flexible layout of the areas, as well as its location in the immediate vicinity of the railway station Gare de l’Est, underline the special qualities of the property.

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