Allianz has acquired the Vertigo Real Estate Complex located in the Cloche d’Or district in Luxembourg. This follows the purchase of 100% of the shares of KRPP (Kohlenberg & Ruppert Premium Properties), the Luxembourg company that owns Vertigo.
The €178m transaction was arranged by Allianz Real Estate on behalf of a number of Allianz companies. The sellers, Starwood Capital Group, via a controlled affiliate of Starwood Global Opportunity Fund X (SOF X), and Rynda Property Investors, were advised by Allen & Overy and CBRE.
"This second acquisition in Luxembourg is important to Allianz for several reasons. It enables us to strengthen our presence in the Benelux market while meeting the expectations of our investors – through the returns offered by this high-quality asset and because of its strong environmental principles," said Lionel Naturkrejt, Head of Acquisitions at Allianz Real Estate France.
The complex currently consists of two buildings with an office area of approximately 24,300 m² and 195 parking spaces and further development is underway for the construction of a third building. The Cloche d'Or district where the asset is located in a booming office district that benefits from a strong attractiveness for the companies wishing to settle in Luxembourg. This asset is fully leased by renowned tenants such as Swiss Life, Blackstone, Starwood, Intertrust.
For this transaction, Allianz was advised by EY for financial due diligence, Arendt & Medernach for legal and tax due diligence and Ingerop for technical and environmental due diligence.
