Catella Real Estate buys €52m Luxembourg office
Catella Real Estate AG (CREAG) has acquired an office development in Luxembourg for the Sarasin Sustainable Properties - European Cities Fund (SSP) for around €52 million from Lafayette S.A. The building is located in the emerging Howald office district and offers 8,000 sqm of lettable space. Upon completion in Q1…
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02.03.21 )
Munich-based investment manager Catella Real Estate AG (CREAG) has acquired an office development in Luxembourg for the Sarasin Sustainable Properties - European Cities Fund (SSP) million from Lafayette S.A. The building is located in the emerging Howald office district and offers 8,000 sqm of lettable space. Upon completion in Q1 2021 it will be occupied by the Saint-Paul Luxembourg media group, now part of the Belgian Mediahuis Group, owner of e.g. the Luxembourger Wort, Luxembourg Times and Radio Latina, on a long-term lease.
Axel Bertram, Co-Portfolio Manager of the fund at CREAG, said: “This is a great addition to SSP’s Benelux portfolio at the heart of Europe, where the Luxembourg office market has become one of the top Brexit destinations as a number of UK and US financial institutions relocate there to maintain their presence within the EU. With its modern design, blue-chip tenant and green credentials it ticks al