Valad acquires 50% in Luxembourg office development

Sydney-based Valad Property Group has announced the acquisition of a 50% stake in an office development in Luxembourg in a joint venture with Belgian developer Valeres. valad - which acquired UK based groups Scarborough and Teesland in 2007 to expand its European operations - said that Contern Business Park is located close to Luxembourg Airport.

Valad and Valeres plan to develop the site with an eigh- building office scheme totalling almost 24,000 m². Each building will range from 2,500 to 30,00 m² over 4 storeys with multi occupation layout possibilities. The buildings will be constructed in phases according to commercial viability and will have an end value in excess of EUR 90mln, Valad said.

The parties, Valad said, are confident that the first phase will be pre-let during construction.

Valad's particpated in its first joint venture with Valeres its 'V€uro' vehicle, itself a joint venture with Uberior. Following a value-added strategy, Valad is a Top 150 ASX-listed company with property funds management, investment and development activities. With offices throughout Asia Pacific and Europe, Valad has A$20bn of assets under management.