ATENOR GROUP has finalized the sale of the three Luxemburg companies President A, B and C to the German real estate asset manager Commerz Grundbesitz Group.
The President companies own the 1,35-ha land on the Kirchberg Plateau in Luxemburg, in front of the Avenue Kennedy and the rue Albert Borschette, on which the new real estate development President will be erected.
This project will comprise three buildings, offering a total of close to 30,000 m² office spaces and 330 m² retail spaces.
The construction works are to start in the coming month and are due to be completed by January 2009.
Atenor Group, through its Luxemburg Subsidiary Atenor Group Luxembourg, will manage the whole construction process and the letting of the areas.
The real estate complex is valued above €215 million with potential upside based on future lettings.
The profits derived by Atenor from this transaction, in the range of minimum €80 million, will be spread over the years 2007, 2008 and 2009, following the construction works and the letting of the buildings.
Additional profits may be derived on the basis of the lettings.
The closing of the transaction will occur by the end of May 2007, after finalization of the permitting procedures.
After the Clearstream (2001) and Pixel (2006) projects, Atenor signs its third successful real estate development on the Kirchberg in Luxemburg.
Atenor Group intends to reinvest in new projects in Luxemburg over the coming months.