Commerz Grundbesitz Group has acquired President, a Luxembourg commercial development project from Atenor. The project, located on a 1,35-hectare plot of land on the Kirchberg Plateau in Luxemburg, will comprise three buildings, offering a total of close to 30,000 m[sup]2[/sup] office space and 330 m[sup]2[/sup] of retail space. The real estate complex is valued above EUR 215 mln, Atenor said in a press release. The closing of the deal is expected by end May.
Commerz Grundbesitz Group has acquired President, a Luxembourg commercial development project from Atenor. The project, located on a 1,35-hectare plot of land on the Kirchberg Plateau in Luxemburg, will comprise three buildings, offering a total of close to 30,000 m2 office space and 330 m2 of retail space. The real estate complex is valued above EUR 215 mln, Atenor said in a press release. The closing of the deal is expected by end May.
Construction work is set to start in the coming month and is due to be completed by January 2009. Atenor Group, through its Luxemburg Subsidiary Atenor Group Luxembourg, will manage the whole construction process and the letting of the areas. Atenor expects to book a profit of around EUR 80 mln on the transaction.
