AG Real Estate to develop 20,000 m² office building in Luxembourg City

OFFICES
Tim Harrup

AG Real Estate has recently acquired the public limited company Edimo, which owns a property in Luxembourg, giving it the opportunity to develop a quality office project with an estimated surface area of some 20,000 m². Ideally located in the Hamm district in the City of Luxembourg, this project is highly accessible: by car from the motorways leading to the neighbouring countries and by public transport via a recently upgraded railway station (in particular for bicycle friendliness) as well as by bus routes.

AG Real Estate plans to develop a building offering its customers a flexible, quality workspace. This new development is aiming to meet the high levels of certification of BREEAM and the WELL Building Standard™, thus guaranteeing its occupants maximum comfort in a sustainable building.

Explaining the philosophy of AG in this transaction, Billy Riou, Development Manager Luxembourg, says: “In addition to the mobility advantages afforded by an investment in the services area of Hamm, this new development will allow us to offer the office property market an exceptional asset that satisfies the environmental and flexibility criteria sought by most of our customers, while offering excellent value for money”.

Xavier Denis, Chief Development Officer of AG Real Estate, adds: “With this new acquisition, AG Real Estate is reaffirming its confidence and interest in the Luxembourg market. We are determined to further grow our presence in the region while diversifying our assets and partnerships. We are demonstrating this by actively seeking complementary office and residential development projects and opportunities for creating large mixed-use urban complexes”.

CBRE Capital Markets department in Luxembourg successfully advised AG Real estate for this acquisition.