Leasinvest Real Estate has finalised the acquisition of a Knauf shopping centre located in the north of the Grand Duchy of Luxembourg for around €97 mln.
Leasinvest Real Estate has finalised the acquisition of a Knauf shopping centre located in the north of the Grand Duchy of Luxembourg for around €97 mln.
Leasinvest, which has a market capitalisation of €333 mln, signed a preliminary agreement in August to acquire the mall, which is located in Pommerloch.
The Belgian listed property firm financed the deal with a €61 mln capital increase and available credit lines. The transaction follows the €75 mln purchase last year of another Knauf mall in Schmiede.
The Pommerloch asset consists of 60 shops with over 26,000 m2 of commercial space and more than 1,000 parking spaces, as well as 2,700 m2 of new offices currently being commercialised. The retail element is entirely let.
Following the deal, Leasinvest owns €734 mln worth of assets in Luxembourg representing over 20 of the current total commercial space in the country. The properties, which provide a total of 100,000 m2, are located in the regions of Schmiede, Pommerloch, Diekirch, Strassen, Foetz and Dudelange.
'This important investment represents for Leasinvest Real Estate the successful realisation of its strategic reorientation towards more retail in our portfolio,' said CEO Jean-Louis Appelmans.
