Aberdeen Asset Management's German unit has sold two retail and office properties in Luxembourg to Union Investment in what it claims is the biggest office deal in the Grand Duchy since 2007.
Aberdeen Asset Management's German unit has sold two retail and office properties in Luxembourg to Union Investment in what it claims is the biggest office deal in the Grand Duchy since 2007.
The two assets were sold by Aberdeen’s open-ended Degi International fund in liquidation for just under the last appraised value of around €108 mln.
The two assets are the K2 Forté building at Rue Albert Borschette and the K2 Ellipse building at Avenue J.F. Kennedy 33. The properties form part of an office ensemble grouping six buildings located on the Kirchberg Plateau in Luxembourg. The buildings were developed by Belgian developer Codic between 2006 and 2008.
K2 Ellipse consists of about 4,300 m2 retail space and about 4,150 m² of office space. K2 Forte comprises 8,250 m2 of office space.
K2 Ellipse is fully let, the office area being occupied by the law firm Allen & Overy while the six retail areas are let to different retailers and restaurants. K2 Forte is fully let to four office tenants: Allen & Overy, Fidelity Investments, JTC Luxembourg and Swiss RE.
The deal closed on 30 January 2014.
