IVG sells Luxembourg peripheral office to private investor - Green Building - Commercial Real Estate

IVG sells Luxembourg peripheral office to private investor

IVG Immobilien AG, one of Europe's largest real estate and infrastructure companies, has sold Thomas SA, a company owning the Rue Thomas Edison property located in the Strassen-Periphery of Luxembourg for around EUR 20m. Thomas SA was sold to a private Luxembourg based Family Office. The property is fully let to various tenants and totals 5,700 sqm.

The deal represents one of the most important transactions in Luxembourg and so far represents 15% of the total market. Private investors still dominate the Luxembourg office market despite huge demand from institutional investors.

7 transactions have so far been registered on the Luxembourg market in 2012 for around EUR 130m. With some EUR 360m ongoing, the Luxembourg Investment Market should close at an estimated total of EUR 500m., slightly higher than the years 2010 and 2011.

IVG was advised by Property Partners SA in this transaction, a market leader in the Luxembourg real estate business, and the international law firm Baker & McKenzie.

About:
IVG Immobilien AG is one of Europe's largest real estate and infrastructure companies. The company manages assets worth approx. EUR 21.5 billion at 19 sites with around 600 employees. Through its network of branches in German and European cities, IVG manages, among other assets, office buildings in its own portfolio with a market value of EUR 3.8 billion. IVG also constructs and operates underground caverns for the storage of oil and gas in northern Germany as an important investment in the area of energy infrastructure. In the fund sector, IVG is the market leader for special property funds for institutional investors. Together with closed-end real estate funds for private investors, IVG manages funds and mandates with a volume of EUR 15.0 billion.

Further information www.ivg.de

27.07.2012

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