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Blue Colibri buys in Luxembourg as well



AG Real Estate, via its subsidiary Mosella Consult SARL, has just signed an agreement to sell its 100% stake in the holding company behind the building ‘Centre Descartes’ in Luxembourg to the Luxembourg investor Blue Colibri Capital SARL, on behalf of Blue Colibri Capital Partners Fund II. This is a second major transaction in this part of Europe by Blue Coilibri in the space of a few days – they have also bought Arts 20 in Brussels (see our report).

The Centre Descartes building is located at the entrance of Luxembourg CBD and features c. 8,800 m² of office and multipurpose space. The property is currently occupied by several high profile tenants such as Mitsubishi UFG, Delen Private Bank, Union Bancaire Privée and Cushman & Wakefield.

Tatiana Posa, Senior Transaction Manager, Office & Warehouse Portfolio: “Through the sale of the Centre Descartes SARL we pursue our strategy of rotation and renewing of our portfolio. Thanks to the support of our teams and partners we have been able to position this building as one of the best properties of the Route d’Arlon in Luxembourg. With Blue Colibri Capital, a real estate expert and professional, as acquirer, we feel recognized for the work that we have done on the asset over the past ten years.”

This is Blue Colibri Capital’s first acquisition in the Luxembourg market. Alim Vandeweyer, Investment Director at Blue Colibri Capital and responsible for the Benelux region commented: “Only a few days after our first acquisition in Brussels, this transaction demonstrates Blue Colibri Capital commitment to the Benelux market and ability to identify and source exciting real estate opportunities despite a shortage of available investment products. We are strongly convinced that the Luxembourg office market currently offers an extremely favourable investment environment as well as solid fundamentals and look forward to further acquisitions in the near future.”

In this transaction, law firm Dentons Luxembourg acted as sell-side advisors to AG Real Estate, while Blue Colibri Capital was advised by Loyens & Loeff, JLL, Arcadis and EY.
Tim Harrup
09-10-2017


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