Patrizia has acquired a large office building in Luxembourg city centre, a deal which increases the number of properties it manages in Luxembourg to 13, with a total value of approximately €800m.

The pan-European real estate investment manager said it bought the fully-let AIRE office building on behalf of its institutional clients for an undisclosed sum.

AIRE is located on Route d’Esch 80 in the western part of Luxembourg’s central business district.

Sheelam Chadha, who is in charge of transactions for Patrizia in Belgium and Luxembourg, said: “This asset offers highly stable and secure rental income backed by strong collateral which is even more important in today’s market environment.

“We are confident in the ongoing resilience of the Luxembourg market, which remains a desirable investment location with robust demand for office space and limited vacancy due to its position as a worldwide financial centre and an established hub for major multinational companies in Europe.”