Orco Property Group has acquired the CAP2 building in Capellen, Luxembourg, from Belgian redeveloper Banimmo for EUR 31.5 mln. Orco, which is based in Luxembourg, will use part of the property as its headquarters. The building comprises 7.750 m[sup]2[/sup] and has 750 parking spaces. It is almost entirely let to 'first-class' tenants, Banimmo said.
Orco Property Group has acquired the CAP2 building in Capellen, Luxembourg, from Belgian redeveloper Banimmo for EUR 31.5 mln. Orco, which is based in Luxembourg, will use part of the property as its headquarters. The building comprises 7.750 m2 and has 750 parking spaces. It is almost entirely let to 'first-class' tenants, Banimmo said.
The transaction marks Banimmo's third and final deal in 2007 and is in line with the company's sales programme announced during its IPO. Banimmo is 50%-owned by French group Affine, in partnership with management, which owns 27%. The public owns the remaining 23%. Up to now, Banimmo has invested in about 25 properties with a total portfolio value of more than EUR 280 mln.
