Patrizia Immobilien has bought an €85m portfolio of five office buildings in Luxembourg for a separate account client.

The pan-European property manager said the assets were acquired from banking services group Intesa Sanpaolo Holding International. The portfolio comprises two joint properties on Rue Prince Henri with the remaining three assets located on Avenue de la Liberte.

The sale and leaseback deal will allow Intesa to occupy the properties until 2022 when the group moves to a new combined headquarters building.

Sheelam Chadha, the investment director for BeLux at Patrizia, said: “Once the current occupier vacates the premises in 2022, we intend to implement a comprehensive refurbishment and lettings programme to improve the rental tone and capital value of these assets.

“This strategy is underpinned by the portfolio’s prime location where demand for high-quality office space remains strong in the face of limited supply.”