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Luxembourg reconversion sale



There was a major transaction in the Luxembourg market in the middle of the summer. Knight Frank Belgium has announced that it was instructed by the European Depositary Bank to advise it in the sale of their ‘Warburg Bank’ site, located at Place François-Joseph Dargent, at the bottom of the Côte d’Eich.
The total area of 6,600 m² of land includes approximately 2,900 m² of existing offices. It is ideally located for redevelopment as prime offices and/or residential space.

The property remains partially in the hands of the substantial Luxembourg financial sector, as the purchasers are the Belgian Federale Insurance and ICN Development S.A. These companies have indicated that they are set to develop together a new high-end residential complex here, a location which is near the Laval park along the Alzette river.

Christian Karkan, Head of Capital Markets at Knight Frank Belgium commented: “The quality of the site in terms of location and environment attracted very high interest from many developers who could base their analysis on strong market conditions both in terms of office and residential redevelopment.”

Federale Insurance was advised by Kairos Advisors.
Tim Harrup
27-08-2019


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