Construction News

22/10/2007

CMC buys German property for €12m

Irish property investment group, CMC Capital, has bought a German commercial park for €12m.

Bannewitz commercial park, Dresden, will have an initial rental yield of 7.2%, according to Cork-based CMC, which said it has structured the deal in a manner specifically suited to Irish pension investors.

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Bannewitz is anchored by an OBI DIY store on a long lease, while a McDonald's outlet features among the other long-term tenants.

(GK/JM)

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