CB Richard Ellis succesfully present in Luxembourg
CB Richard Ellis advised the German fund CGI of commerzbank, one of the largest German open funds in the acquisition of the project “President” developed by Atenor Luxembourg.
According to Gaétan Clermont Managing Director “It is one of the largest transactions ever realized in Luxembourg”.
The property has a value of more than 215 mlj. Euro.
The sale carries on the transfer of 3 Luxembourg companies President A,B,C.
These companies hold an area of 1.35 ha in the Kirchberg situated along the Bd.Kennedy. They will establish the project “President”, which will offer nearly 30.000 m² of offices.
The investment market in Luxembourg knows an important growth, that attract a lot of foreign investors a specially the German Funds. “CB Richard Ellis had already advised the Belgian group Attenor successfully in a similar transaction who was sold to the German Fund Axa”, explain Gaéten Clermont.
Furthermore the Luxembourg market knows a significant growth of the Rent Decree because of the substantial interest of the bank and the financial sector for Luxembourg but also the European Union. The rent decree reach to day 35€/m²/month.
The transaction between CGI and Atenor will be closed end of May, after they have received they licenses.
For CGI is it his first large transaction in Luxembourg, CGI had already different transactions in Belgium advised by CBRE.
Belgium