BNP Paribas REIM, acting on behalf of its Next Estate Income Fund III (NEIF III), managed by BNP Paribas REIM Luxembourg has agreed with Grossfeld PAP on the sale of the Kockelscheuer office project in Luxembourg. The asset is expected to be delivered in Q1 2022 and aims at granting a BREEAM Excellent green certification. The five-storey office building features c.4,090m² of office lettable area fully let under a firm 12-year lease agreement.
Kockelscheuer is located in the Cloche d’Or district of Luxembourg. This sub-market is a recent multi-use area benefiting from approx. 300,000m² of potential office development and hosting already many major services players. The tramway passing through the Gare Centrale will connect the area at the end of 2022.
Laurent Boissin, Fund Advisor of the NEIF funds commented: “Kockelscheuer is perfectly in line with the Fund strategy focusing on green-certified recent office buildings located in the most liquid markets in the Eurozone. The 12-year lease agreement matches our investors’ needs for stable and long term income. NEIF III has now allocated close to €550m investments through 8 projects across four countries”.
