Pramerica sells Park Lane building (LU)

Pramerica Real Estate Investors has announced the disposal of the Park Lane building located in Luxembourg's CBD to the real estate division of the Luxembourg-based CLdN Cobelfret Group.

Pramerica acquired the asset on behalf of its largest pan-European Shari'ah compliant fund, in 2007 and then refurbished and leased the building on a long-term basis.

"It was a complex transaction due to the unwinding of our Shari'ah compliant investment structure," says Dirk Ruppert, Senior Portfolio Manager, "However, we have been faced with an open minded and sophisticated purchaser, which allowed us to find appropriate solutions. We are pleased to have the transaction completed".

Pramerica owns five other properties in Luxembourg with a Gross Asset Value of approximately €250 million.

Source: Pramerica Real Estate Investors

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