Immobel Holding Luxembourg Sarl and REAL I.S. AG have announced an agreement for the sale of 100% IMMOBEL shares of Infinity Working & Shopping SA to Real I.S. AG on behalf of a German insurance company. The company Infinity Working & Shopping SA is the developer of the iconic "Infinity Working" office building, with a surface area of 6,800 m², and the adjoining "Infinity Shopping" shopping centre, with a surface area of 6,500 m², located in the heart of the European Institutions district in Luxembourg.
This sale will be based on the valuation of the company's assets on the effective date of the sale, which are currently estimated at around €80m. It will only be effective after the completion of the "Infinity Working" building and the "Infinity Shopping" shopping centre, scheduled for the second half of 2019. Until that date, Immobel will remain in sole charge of the development and implementation of the Infinity project.
Olivier BASTIN, CEO of Immobel Luxembourg declared: "This transaction marks an important step in the realisation of this strategic project. The ideal location and the quality of the "Infinity Working" office scheme have allowed us to conclude a 12-year lease with the Allen & Overy SCS .Meanwhile almost the entire "Infinity Shopping" centre is already under lease contract. We are delighted to finalize an agreement with a leading investor such as REAL I.S. AG."
"The exceptional location of the project, on the Kirchberg plateau in Luxembourg, became a decisive factor in the acuisition of the company in charge of the scheme," explains Catherine LUITHLEN, President of REAL I.S. FRANCE. "We are increasingly interested in upstream and longterm projects and wish to expand our presence in Luxembourg, France and Belgium. The acquisition of the Infinity Working & Shopping scheme demonstrates our confidence in the Luxembourg market, as well as in the specificities of this asset."
Real I.S. was advised by the law firms Loyens and Loeff and Roever Broenner Susat Mazars; as well as Drees & Sommer Luxembourg for the technical aspects. IMMOBEL was advised by Baker McKenzie Belgium, Inowai and Cushman & Wakefield.
