AM alpha has completed the acquisition of 3a-5 Rue Plaetis, a grade A office building in the heart of the Luxemburg City. The “Elementae” office building has been purchased from the Athene Lebensversicherung AG. The acquisition is its first in Luxembourg and is in line with its strategy to acquire value-orientated properties located in the main European cities. The purchase price has not been disclosed.
Built in the nineties, Elementae was extensively refurbished and modernised in 2006. The property comprises approx. 3,500m² of high-quality office area, includes around 433m² of storage and archiving space, as well as 47 parking places. The formerly home for JP Morgan Bank Luxembourg, it is currently occupied by Amazon.
Martin Lemke, Managing Director at AM alpha commented: "This transaction exactly follows AM alpha´s strategy to invest in established real estate markets like the Benelux region provides. Particularly, the office market in Luxembourg shows an increasing competition for prime assets due to the growing importance of Luxembourg combined with the demand for BREXIT newcomers”.
AM alpha was advised by Baker McKenzie, Inowai and E&Y. Athene Lebensversicherung was advised by Clifford Chance whereby JLL kept the sales mandate.
