CBRE exclusively advised Mavin Property Fund in the sale of a prime office and retail property to IVG Institutional Funds in Luxembourg Station district.
IVG Institutional Funds GmbH (IVG IF) has acquired M2, a prime office and retail property delivered in June 2010, from the developer Mavin Property Fund. The acquisition price amounts to approximately €45 mln.
The property is located on Avenue de la Gare 42-44 in the heart of the Station district at walking distance of the Luxembourg Central Station, the main transport hub of Luxembourg.
The property is let to high quality tenants such as H&M, Maisons du Monde and Veritas for the retail areas and Regus, Luxembourg Finance House and Rovi Internationals for the office areas.
The property has a lettable space of around 6,600 m², of which retail accounts for around 2,700 m² and office space for 3,600 m². It also has an archive of approximately 300 m².
Thanks to its convenient and accessible location, the entire district has one of the lowest vacancy rates in all of Luxembourg (about 3%).