Finnish pension fund-insurer Ilmarinen has made its debut in the Luxembourg property market with the purchase of a 50% stake in a new office building in the country's capital city.
The asset will be owned jointly with an unnamed French institutional itnvestor and will be managed by German group Hannover Leasing Investment.
The Alter Domus building is located in the popular Cloche d’Or business district and provides 11,700 m2 of lettable space on 11 storeys. The asset is fully let to global trust provider Alter Domus.
'Completed this autumn, Alter Domus was designed to the highest standards. It offers modern, adaptable and environmentally efficient office space, as proven by the BREEAM Very Good certification,' commented Mikko Antila, Ilmarinen’s head of international real estate.
The acquisition is part of Ilmarinen’s strategy to diversify its portfolio with investments abroad. The investor also owns assets in Germany, Belgium, the Netherlands, the UK and the US.