The real estate investment company “aik Immobilien-Kapitalanlagegesellschaft mbH” invests again in the property market of Luxembourg. For a single-investor real estate fund managed on behalf of a German occupational pension fund, the investment house in Düsseldorf acquired a retail and office building in the old town of Luxembourg. The total costs of investment amount to approx. €18.2 million.
The seller is Aviva Investors, wholly owned by the insurance company Aviva plc. The real estate services company Cushman & Wakefield has mediated in this purchase transaction.
Prominent corner building in prime location of Luxembourg’s historic city district
The property is situated in the street “Rue du Fossé“ amidst the pedestrian zone of Luxembourg`s old city. Rue du Fossé connects Luxembourg’s most important and costliest shopping street “Grand Rue” with the “Rue du Curé”, which is particularly well-known for its variety of gastronomic establishments. The prominent corner building with its round facade design was constructed in the 1930s and has been refurbished in 2008/09. The property comprises a total of approx. 2,500 m² of lettable space.
Multi-tenant-building and retail rich in tradition
Except of one office area, the building is fully let. A long-standing resident of the building is the Flagship Store of the tradition-rich company Villeroy & Boch. The attractive sales space of the ceramic manufacturer extends over the ground and lower ground floor. With the exception of one area, the five upper floors are let to various office tenants.