Belgian Group AG Real Estate has announced the acquisition of an office building in Luxembourg and the sale of a retail asset occupied by fashion Group H&M in Lyon.
Belgian Group AG Real Estate has announced the acquisition of an office building in Luxembourg and the sale of a retail asset occupied by fashion Group H&M in Lyon.
The asset in Luxemrboug is located in the heart of the Kirchberg office district and provides a total of 10,000 m2. It was previously the headquarters of Banque LBLux and has recently been let to the European Investment Bank for a fixed duration of six years, starting from January 2016.
Financial details were not disclosed.
'The acquisition of the LBLux building contributes to improve and confirm the excellent quality of the portfolio AG Real Estate has built up in Luxembourg so far,' said Amaury de Crombrugghe, Chief Investment Officer of Office, Warehouse and Senior Housing at AG Real Estate.
The vendor was assisted by JLL and AG Real Estate was advised by Inowai.
In Lyon, AG Real Estate has sold the H&M property at 62 Rue de la République for €40 mln. The store, in a premium shopping street of Lyon, covers 2000+ m² over three floors. H&M has been in the building since June 2008. The acquirer is an unnamed asset manager acting on behalf of a foreign investor.
For AG Real Estate, the real estate subsidiary of Belgian insurance group AG, the disposal is part of its policy of rotating and arbitraging its portfolio of €6 bn of assets.
AG Real Estate was advised by investment bank DC Advisory, consultants Leroy Reberat Brandon (Robert and Virginia Theret White) and attorneys' office Cabinet Confino.
