Global investor and portfolio manager AXA Investment Managers - Real Assets (AXA IMRA) has acquired on behalf of clients Le Dôme, an office building in Luxembourg.
Financial details were not disclosed.
Situated in the Station district of Luxembourg City, on avenue Charles de Gaulle, rue du Laboratoire and rue Bender in Luxembourg, Le Dôme totals 21,457 m2 of office floor space across three separate buildings.
Delivered in 2006, the BREAAM building is 100% let to 16 tenants, a mixture of established global businesses and, as a state backed technology hub, a number of start-ups. It includes parking for 198 cars.
'This is a rare opportunity to acquire a core office investment, in a growing and major European employment hub, with a strong track record of occupancy and resilient income profile delivered through a diverse tenant base,' said John O’Driscoll, European head of transactions at AXA IMRA.
'Furthermore, the flexible floor plates increase the building’s desirability and offer an opportunity for our asset management team to improve the rental tone with the aim thereby to enhance returns on behalf of our clients.'
According to AXA IMRA, the Luxembourg office market is characterised by low vacancy levels trending downwards and both a lack of existing good quality office space and a limited pipeline of speculative office development.
