The European Parliament has signed jointly with President B Limited Company a renting agreement for a 5-year term and for the whole building, which represents an 8,800-m² surface area dedicated to offices.
The building that is located at 37B Boulevard Kennedy on the plateau de Kirchberg in Luxembourg should be achieved and ready for delivery on February the 1st, 2009.
As a reminder, Atenor Group had begun in 2007 the construction of this impressive three-block complex, for a total of 30,000 m² dedicated to offices, among which 330 m² dedicated to shops and stores.
The President A, B and C Companies, owners of the project, had been leased for sale in May 2007 to the German Investment Fund Commerz Real, while Atenor could keep the control of the construction and marketing operations of the building complex.
Given the agreements signed at the moment of the disposal, the conclusion of this lease contract should have a positive impact of about €8 million mainly recorded as from the year 2008.
Additional contracts are on their way as far as the marketing of the PRESIDENT project available remaining surface areas are concerned; given the demand level for quality projects and the small amount of available surface areas, Atenor is confident of being able to rent the whole of the project before the end of the first half of 2009.