Commerz Real's €1b pa international push, plus Richard Choi leaves Damac after 18 months

EuroProperty carries news and analysis of Commerz Real's push for its new international mandate business. 

Commerz Real is targeting €500 mln of transactions this year and €1 bn a year after that for its international arm. 

The Commerzbank Group company will compete with other fund managers as it seeks to capitalise on the flow of international investors targeting professionally structured real estate opportunities in Europe. Ulrich Oppermann, formerly at CBRE Global Investors, has joined to lead the newly-created advisory, mandates and international distribution division. He reports to Johannes Anschott, the Commerz Real board member responsible for institutional business.

PropertyEU's weekly title also reports Richard Choi, the investment banker hired to lead the international expansion of Damac Property, has left the company after 18 months. Hussain Sajwani, chairman and CEO of Damac Properties, told EuroProperty that Choi had ‘decided to seek other opportunities’. Sajwani was commenting during a visit to London to announce the £175 mln (€203 mln) development financing package for Damac’s first London project, Damac Tower at Nine Elms in Battersea.

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