Acquisition in Luxembourg CBD

ASSET MANAGEMENT
Tim Harrup

There has been another major transaction in the Grand Duchy of Luxembourg. AG Real Estate and its affiliate Mosella Consult have just sold 100% of the shares in Ceryx, owner of the Charlotte building, to a fund managed by GLL Real Estate Partners. This company forms part of Australia-based financial services company Macquarie Group, which has offices in a number of major financial centres in the world, including Luxembourg.

The building, which was developed in 2013, stands out for its strategic location in the Central Business District, at the corner of Boulevard Grande-Duchesse Charlotte and Avenue Monterey. This property consists of more than 5,000 m² of high-end office space spread over three floors. The sole occupant, law firm Clifford Chance, benefits from a modern building that meets all the attractiveness criteria, including excellent visibility and close proximity to public transport connections and shops in the city centre.

The sellers say that they had a focused approach in order to ensure a timely and efficient closing of this off-market transaction. Tatiana Posa, Senior Transaction Manager at AG Real Estate, comments: “We are delighted to have been able to respond quickly and positively to the offer made by GLL Real Estate Partners. In a short time, we mobilized our internal teams to complete this transaction. We are also very proud to have been able to quickly redirect, in a delicate period to work, our strategy to meet the needs of our shareholder.”

Olivier De Bisscop, Head of Western Europe at GLL Real Estate Partners, adds: “This acquisition fits perfectly within our sustainable strategy to invest in highly qualitative assets and we are pleased to add this investment to our client’s portfolio. This transaction confirms GLL’s ability to identify and efficiently execute on unique opportunities, despite the global pandemic.”