Union Investment announces that two of its Luxembourg development projects, L'Unico and Pixel, have been completed. Acquired in 2006 for the open-ended real estate fund UniImmo: Europa (ISIN: DE0009805515), the L'Unico and Pixel project developments in Luxembourg were completed on schedule at the end of 2007 after a 15-month construction period. The projects opened with high occupancy levels. Both developments are now operational.
According to Hamburg-based Union Investment Real Estate AG, which funded the investment, around 80% of the 9,100-m² L'Unico building has been let, while the 7,300-m² Pixel is fully let. These mixed-use office and commercial properties are both located in the sought-after office submarket of Kirchberg, which is strategically situated between the city center and Luxembourg's international airport and home to many EU institutions.
L'Unico was built by Belgian developers Construction & Investment Partners (CIP), while the company behind Pixel was Atenor Groupe, likewise based in Belgium.
Source: Union Investment