Property Partners finalize sale and leaseback Clearstream / IVG Immobilien (DE)

Property Partners, together with its German counterpart Schön & Lopez Schmitt, who in return are part of the Colliers PropertyPartners network, finalized the sale of the four buildings called 'The Square' between Clearstream International SA and the new owners of the premises IVG Immobilien AG Bonn, on Wednesday 28th November. Following the sale of its headquarters on Boulevard Grande Duchesse Charlotte and its land on Route de Longwy the Deutsche Börse Group, to which Clearstream International SA belongs, will be separating itself from its last real estate asset, thus pursuing its policy of outsourcing in this domain.

This sale, leveling €350 million for a site exceeding 50,000 m², is one of the major deals of the year. Initiated during the month of August, no more than three months will have passed when the management of Clearstream International SA and IVG Immobilien AG Bonn pen their signatures to the contract, despite an international situation marked by the subprime crisis, a success which is certainly due to the professionalism of Property Partners and their German counterpart. The deal is to be concluded before the end of the year following final approval by Deutsche Börse's Supervisory Board.

For Clearstream International SA the sale-and-lease-back transaction translates into a firm long-term lease agreement (10 years with two five-year extension options) on the two principal buildings of 'The Square' comprising some 30,000 m², whilst the remaining two buildings are to be entirely rented to third parties. Through this sale, Clearstream International SA releases nearly €120 million in capital gain, free to be invested into the core business of the company.

This major transaction, which affects an emblematic complex of the Kirchberg plateau, further adds to the financial year 2007 which has already seen prolific transactions in real estate investments, allowing us to conclude the year 2007 with a turnover exceeding €2000 million. The Luxembourg real estate industry certainly no longer has reason to be envious of its large European siblings.

Source: Property Partners

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