French asset manager La Française has purchased an office building in Luxembourg on behalf of South Korean investors.
Financial details were not disclosed. Korean Investment Management (KIM) advised the Asian partner in the deal.
The acquisition of the under-construction 17-storey building marks the office debut of La Française in Luxembourg. Named D Square, it comprises 31,000 m2 and is located near to the central business district of Luxembourg. The site features 235 park spaces, an auditorium and restaurants. It has been built in line with BREEAM ‘very good’ specification. The building is already full let to accounting giant Deloitte on a 15-year lease.
David Rendall, CEO of La Française Real Estate Partners International said: ‘This is the eighth European real estate investment sourced on behalf of South Korean Investors and the first in Luxembourg.
‘Thanks to our international real estate investment platform with investment centres in Paris, Frankfurt and London and business development experts in Seoul, La Française has completed over €2 billion of investments across five European countries.’
Shawna Yang, director of real estate investor relations for Asia said, ‘Our mission is to successfully source quality assets that meet and exceed local investors’ diversification requirements. In the case of D Square, the interests of our South Korean partners are aligned with the growth prospects, in terms of expected rents and capital values, of the Luxembourg real estate market.'
PriceWaterhouseCoopers and Dentons advised on the deal. German bank Helaba supplied financing for the transaction.