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Altitude complex sold in Luxembourg



There has been another major transaction on the Luxembourg real estate market, which was recently described as being iin good health. Consultant CBRE has advised Belgian real estate developer Codic, and Luxembourg developer Tralux Immobilier, in the sale of their joint development, the Altitude complex located in Leudelange, to a French institutional group. This group has thus acquired the L2A and L2B companies, owners of the Altitude complex.

The complex is made up of 13,000 m² of office space, spread over two BREEAM certified buildings: Lhassa, delivered in November 2018 and rented to Regus, Wavestone and a day-care centre, Rockids, which will open its doors in September 2020. The building also hosts the headquarters of Tralux Construction and Tralux Immobilier; La Paz, delivered in March 2020 and 95% leased to Northern Trust. A surface area of 400 m² is still available for rent.These buildings benefit from a very good location, excellent visibility along the road network and an exceptional parking ratio (1 space per 50m²).

CBRE states that the choice of this investor confirms more than ever the attractiveness of this area of the City Belt of Luxembourg, which already hosts the headquarters of various companies such as Lalux, Le Foyer, Raiffeisen, Loterie Nationale, and soon La Baloise, thanks to its proximity to the city centre and its easy accessibility for the many daily commuters. And Thierry Behiels, CEO of CODIC International, adds: “For the market and all the economic players, this acquisition in this difficult period linked to the current health crisis, shows the steady confidence of investors in the Luxembourg market.” For his part, Franck Becherel, CEO of Tralux Immobilier, comments: “Altitude is the fulfilment of our ambition to offer a living and working environment in harmony with the demand for quality and well-being at work.”

Along with CBRE, the sellers were advised by CBRE, JLL and Heilporn & Kadaner.The investor was assisted by the asset manager Limestone Investors and advised by Loyens & Loeff. Read more about Luxembourg office market in good health >>
Tim Harrup
16-06-2020
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