The Züblin Immobilien Group has announced that it has sold its office property on Rue de Neudorf 543 in Luxembourg out of its diversified European property portfolio for a gain.
The proceeds from the sale of the single property company UTA S.A., Luxembourg, correspond to a property value of €23.5 million. After deduction of all transaction costs, this transaction will result in a gain of 30% on the market value as of 31 March 2007. As the property recorded a vacancy rate of 62.5% per 31 March 2007, the sale will have a positive influence on the Group's overall vacancy rate. After the sale, no longer holds property in Luxembourg.
Source: Züblin
