03
December
2013
|
00:00
Europe/London

CBRE advises the sale of a 12.000 m² retail complex in the Grand Duchy of Luxembourg

On 2 December 2013 Leasinvest Real Estate, via its 100% subsidiary Leasinvest Immo Lux, acquired 100% of the shares of a Company owning a retail building of more than 12,000 m² with 475 parking spaces, located in the periphery of the city of Luxemburg.

This very well located retail building is leased for a fixed term of 10 years to the German DIY group Hornbach, market leader in the Grand Duchy of Luxembourg and the only DIY-store of this size in Luxembourg. The acquisition value of the building amounted to € 25,5 million, which corresponds to the fair value based on an initial yield of 6.75%.

With this acquisition, the retail part and the part of the Grand Duchy of Luxembourg in the consolidated real estate portfolio further increase to respectively 42% (30/09/2013: 40%) and 60% (30/09/2013: 58%).

Leasinvest Immo Lux owns in Luxembourg more than 100,000 m² of shops in 7 regions, namely Schmiede, Pommerloch, Diekirch, Strassen, Burmicht, Foetz and Dudelange.