Fund manager Hannover Leasing, part of the Corestate Capital Group, has purchased an office building in Luxembourg from project developer Extensa and its Luxembourg-based partner Promobe.
Financial details were not disclosed, but the parties said the purchase price was in the high double-digit-million euro range.
Hannover Leasing acquired Alter Domus, a newly developed office property in Luxembourg, in a club deal on behalf of Finnish mutual pension insurance company Ilmarinen and a French institutional investor.
'The deal is again a good example for the positive overall performance of Hannover Leasing being a part of the Corestate Group,' said Michael Bütter, CEO of Corestate Capital. 'A targeted strengthening of the management team as well as a further digitalization of our sales and distribution channels are two important next steps for the near future.'
The office building has just been completed and is located in the new Cloche d'Or urban quarter, a key Luxembourg office submarkets. The multi-tenant building with a total floor space of around 11,700 m2 has received a Breeam 'Very Good' sustainability rating and includes 70 parking space.
It is fully let by Alter Domus, a leading global trust service provider. Alter Domus has entered into a 12-year lease agreement without break options.