DGAP-News Corestate subsidiary Hannover Leasing sells top Luxembourg property: Alter Domus head office sold to Generali
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate/Disposal
Corestate subsidiary Hannover Leasing sells top Luxembourg property: Alter Domus head office sold to Generali
- Premium property in a prime location in the Cloche d'Or development district
- Total leasable area of 11,700 m²
- BREEAM 'Very Good' certification
Frankfurt/Main, 12 May 2021. Corestate subsidiary Hannover Leasing has sold the head office of "Alter Domus" in Luxembourg to a fund managed by the Generali Real Estate Group. The previous owner was a joint venture of the Finnish pension fund "Ilmarinen Mutual Pension Insurance Co." and another institutional investor. Hannover Leasing had acquired the property in 2018 directly after completion on behalf of these two institutions.
René Parmantier, CEO of Corestate Capital Group: "The Luxembourg office market is highly competitive with low vacancy rates and only a limited number of new buildings. With this first-class office building, we have again demonstrated our market and investor access and, above all, our long-standing asset management experience in the Benelux countries. We are very pleased that we can now hand over this top-quality, modern and long-term profitable property over to its new owner Generali."
The building is located in the Cloche d'Or district in the south of the city, which is one of the most attractive new development areas in Luxembourg and one of its main office submarkets. It has a total area of 11,700 m² and has been awarded a BREEAM 'Very Good' Certification. The property is fully leased to Alter Domus, a global fund and corporate services provider. Alter Domus had signed a twelve-year lease in 2018 with no right of termination before expiration of the lease. The main train station can be reached by car in just five minutes, and the international airport in 15 minutes.
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