Codic acquires Luxembourg site for mixed use project

TOWN PLANNING
Tim Harrup

There has been another major transaction in the rapidly emerging Cloche dOr district of Luxembourg. Belgian developer Codic has announced that it has finalized the acquisition of the Titanium site from Nextensa for a total of 110 million Euros. The Titanium site is located between the Route d'Esch and Avenue Guillaume Kroll on the west of the Cloche d'Or district in the city of Luxembourg. This new urban district is the result of a long-term urban planning process, which originated from the southward expansion strategy of the Luxembourg capital.

Michel Van Geyte, CEO of Nextensa underlines that The sale of this site is part of Nextensa's debt reduction strategy and provides a significant capital gain that will have a strong positive impact on the 2022 results.

Codic has indicated that it wishes to transform this 3.3 hectare zone into a mixed use complex including offices, services and a hotel. Thierry Behiels, CEO of Codic International, explains his companys thinking in acquiring the site: We are pleased to have reached a closing with Nextensa to acquire this site in the Cloche d'Or district. We will develop a large scale project with strong architectural, environmental and social features. This acquisition also marks the first success of our new department Codic Invest, which has managed to raise significant funds from investors, together with Bank Degroof Petercam. Through this new business activity, we offer our financial partners the possibility of investing alongside us, benefiting from our thirty years of Luxembourg experience and our know-how, all in a perfect alignment of interests.

The reconversion of an industrial site is not a first for Codic in Luxembourg. The former Ford garages and the AEG Siemens site on the Kirchberg Plateau have been successfully developed as part of The Square and K2 projects.

The sale has been concluded via the transfer of company holding the site, GK5 Srl.