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Atenor active on Luxembourg market

The sale of Naos does not signal the end of Atenor's interest in this district.
The sale of Naos does not signal the end of Atenor's interest in this district.

There have been two transactions by Atenor on the important Luxembourg market. Firstly, the developer has announced the sale of the Buzzcity project to a company to be formed by Fidentia Belux Investments. In 2017 Atenor signed an agreement for the purchase of a plot of just under1.3 ha in the ‘Am Bann’ development area in Leudelange in order to carry out an office property development. This development of a gross area of 16,300 m² involves the construction of four office buildings with a shared underground floor. The different buildings, linked to each other, will provide excellent communication and flexibility for a single occupant or a multi-lease. Buzzcity represents a strategic position for international companies with its location in one of the Luxembourg City Council's economic expansion areas, near to the Croix de Cessange interchange (motorways A4 and A5), a few minutes from the Capital, at the gateway to Belgium, France and Germany.

Along with this, Atenor announced towards the end of the year the completion of the sale of all the shares of the Luxembourg company Naos to two institutional investors: Ethias and Foyer Assurances.
Naos SA is currently building the property of the same name. It is located in the new Belval residential and tertiary development, in the heart of the ‘Square Mile’, in the Esch-sur-Alzette and Sanem districts.
The property will provide more than 14,000 m² of offices and shops, benefiting from the latest state-of-the-art technology and a BREEAM environmental certification.
The building, which should be completed in September 2019, is already partly (62%) leased to the parent company of the Arηs computer businesses group and to the consultancy, auditing, accounting and tax consultancy services company A3T. Negotiations are in progress concerning the leasing of the remainder of the building.
Following this first commercial success in Belval, Atenor has also confirmed its confidence in the attractiveness of this promising and expanding site by preparing the development of a second project, Twist, a mixed building (offices, housing, commercial) totalling 14,300 m².
Tim Harrup
10-01-2019


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