Cording Real Estate Group’s Benelux fund has acquired its first property in Luxembourg for an undisclosed sum
Cording, on behalf of its Benelux Commercial Real Estate Fund, has bought the five-storey JM 6 office building at Rue Jean Monnet 6 in the Kirchberg district of Luxembourg city.
The property was built in 1992 and is fully let to multiple international tenants. The lettable area is around 5,100 square metres and it has 137 car parking units.
The open-ended Benelux fund was launched in December 2016 to invest in office and retail properties in the Netherlands, Belgium and Luxembourg.
The fund has a gross target volume of €400m, which includes €250m of equity. The total gross asset value of the fund is currently around €250m. The entire portfolio consists of 13 properties spread over core locations in Amsterdam, Utrecht, Rotterdam, The Hague, Brussels and Luxembourg.
René de Heus, the head of investment Benelux at Cording Real Estate Group, said: “We are very pleased with this first entry in Luxembourg. Within two years after the launch of this fund, we have successfully acquired thirteen assets and are now well diversified throughout the Benelux.
“The asset was sourced off-market which underlines our extensive network. As a new entrant to the Luxembourg investment market, Cording has again emphasised its strong local platform in the Benelux and demonstrated its deal certainty during transactions.”