German fund manager Commerz Real said on Friday that its CFB 150 closed-end fund has sold the Joseph-Bech-Building in Luxembourg, the headquarters of the European statistical office Eurostat, for €168 mln.
Although the name of the buyer was not disclosed, market sources told PropertyEU that it is a fund owned by the French Mulliez family, the owner of a number of retail brands including Auchan.
Located in the Kirchberg Plateau district, the office building was completed in 1998 and provides 42,500 m2 of leasable area. The asset has been owned by the Commerz Real fund since 2004.
CFB 150 will be liquidated following the sale of the property, and the investors will receive total distributions of around 158% relative to their invested capital.
With a term of 14 years this corresponds to an average annual return of 4.5%.
'This is a very good result for our investors,' commented Heiko Szczodrowski, head of portfolio management in the asset structuring segment of Commerz Real.
