Pramerica Real Estate Investors has sold Park Lane office building in Luxembourg to the family office CLdN Cobelfret Group. The financial details of the transaction were not disclosed.
Pramerica Real Estate Investors has sold Park Lane office building in Luxembourg to the family office CLdN Cobelfret Group. The financial details of the transaction were not disclosed.
Pramerica, the European real estate arm of US-based Prudential Financial, had acquired Park Lane on behalf of its largest Pan-European Shariah compliant fund in 2007. 'It was a complex transaction due to the unwinding of our Shariah compliant investment structure,' said Dirk Ruppert, senior portfolio manager.
Since 2007 the building located in the CBD of Luxembourg has been refurbished and leased on a long-term basis.
Pramerica owns five other properties in Luxembourg with a gross asset value of EUR 250 mln.
