IVG Immobilien AG has sold Thomas SA, a company owning the Rue Thomas Edison property located in the Strassen-Periphery of Luxembourg for around 20 million.
Thomas SA was sold to a private Luxembourg-based family office. The property is fully let to various tenants and totals 5,700 m².
The deal represents one of the most important transactions in Luxembourg and so far represents 15% of the total market. Private investors still dominate the Luxembourg office market despite huge demand from institutional investors.
So far seven transactions have been registered on the Luxembourg market in 2012 for around 130 million. With some 360 million ongoing, the Luxembourg investment market should close at an estimated total of 500 million, slightly higher than 2010 and 2011.
IVG was advised by Property Partners SA in this transaction, a market leader in the Luxembourg real estate business, and the international law firm Baker & McKenzie