ATENOR GROUP announces that it has sold the s.a. IMMO STEICHEN, owner of the PIXEL project located on the Plateau du Kirchberg in Luxembourg. PIXEL is a mixed development project offering 6,488 m² of offices and 856 m² of shops. The construction work started at the end of August 2006, with delivery planned for autumn 2007.
The current trends on the Luxembourg market, both as to leasing and as to investment, made it possible for the ATENOR GROUP to value the PIXEL on the basis of a rate below 6%. ATENOR GROUP will retain management of the construction and the marketing of the building, and has given the buyer a guaranteed lease for an limited duration.
In 2006, this operation will generate a profit estimated at a minimum of 10 million; additional profits could still be realised in 2007 depending upon how the building develops (construction, leasing).
Parallel to this operation, in Luxembourg ATENOR GROUP is continuing the development of its PRESIDENT project, which will provide a total surface of more than 30,000 m² on the site of the former headquarters of Assurances LE FOYER.
Source: ATENOR GROUP