Italian insurer Generali has acquired the Melius office building in Luxembourg from Hannover Leasing, part of the Corestate Group, PropertyEU has learned.
The building, which houses the headquarters of global trust service provider Alter Domus, changed hands for a price of over €105 mln, according to market sources.
Delivered in late 2018, the asset is located in the heart of the new Cloche d’Or district and is entirely leased to Alter Domus which signed a 12-year lease on the asset, with 10 years remaining on the lease. Hannover Leasing bought the property on completion directly from its developers, Extensa and its Luxembourg-based partner Promobe, for a price of €85 mln, or a 4.25% yield.
Hannover Leasing is selling the asset on behalf of its clients, the Finnish mutual pension insurance company Ilmarinen and an unnamed French institutional investor.
Domus boasts a BREEAM Very Good rating and offers 11,700m2 of space as well as 70 parking spaces.
All parties declined to comment.
