Chamartín Meermann Immobilien sells office and retail building in Poznan
- Nowe Garbary Office Center with 8,000 sqm rental space
- Sold to institutional investor
- Project revenue will be used to expand business
Berlin, 1 July 2010 – Chamartín Meermann Immobilien AG (CMI AG) has sold the Nowe Garbary Office Center in Poznan, Poland, to an institutional investor. The attractive office and retail building with around 8,000 sqm rental space is situated on a 3,260 sqm site in the historical centre of Poznan. The international exhibition city is well located halfway between Berlin and Warsaw.
CMI AG already announced the sale of 6,000 sqm office space on the site of the old Kaiserin Augusta hospital in Berlin Mitte in April 2010. The company therefore achieved sales in the medium two-digit million euro range in the second quarter from these two medium-sized projects alone. On the level of CMI AG’s subsidiaries involved, project revenue totalled almost EUR 8 million. After consolidating all investment and development activities of Chamartín Group in CMI AG, all project revenues and resulting cash and cash equivalents will go completely to CMI AG. There is no cash pooling for equalisation of liquidity with CMI AG’s majority shareholder, Inmobiliaria Chamartín S.A. Proceeds will be used to expand the Company’s business.
“The project in Poznan was extremely successful. We will continue to look for opportunities in this location in the future. However, our core business and the main focus of our project pipeline is and will be Berlin, especially “Neue Berliner Mitte” around the government quarters,” says Ralph Küchenthal, member of the Management Board of CMI AG.
CMI sells office and retail building in Poznan