The IVG Funds division of IVG Immobilien AG has fully placed the closed-end real estate fund EuroSelect 16 The Square. Within six months, private investors subscribed to altogether 248 million including the premium. In July last year, IVG launched a fund for the first time in the scope of its EuroSelect series which invests in Luxemburg's attractive office property market.
The state-of-the-art Square offers 54,000 m² of rentable space.
Georg Reul, Board member in charge of funds business: "Our placement success shows that private investors are very interested in investing in real estate in Europe, all the more so in financially difficult times. We are convinced that the demand for top-quality property in Europe will continue to grow in future. As a value investment with protection against inflation, real estate is the investment of choice. We will therefore offer more solid funds in the EuroSelect series in 2009."
The property The Square is located in Kirchberg, a flourishing office center in Luxemburg City consisting of four independent office buildings which were constructed between 2002 and 2004. The architecture of the buildings is upscale and modern; their space can be used very flexibly, and the technical equipment is state- of-the-art. The property's rentable space amounts to approximately 54,000 m².
The Square is fully rented to tenants with excellent credit standing. Over 60% of the total rental area is occupied by Clearstream International S.A., a whollyowned subsidiary of Deutsche Börse AG and one of the world's largest investment service providers. 28% of the rental space is rented jointly by the European Court of Justice and the European Court of Auditors, together comprising the second largest tenant.