REInvest Asset Management has secured the fully-let Bronze Gate office property in its home city of Luxembourg. The property was acquired for the DEREIF SICAV-FIS fund which invests in European real estate. The main investor in the Luxembourg-based real estate special fund is a major German insurance company. The investment amounted to €65m. The sellers are the developers Nextensa and Promobe “Grossfeld”. Bronze Gate is set to receive a BREEAM “Excellent” sustainability certification.
The Bronze Gate office building is located at 5, Rue Charles Darwin in the new part of the Cloche d'Or quarter in Luxembourg City, a neighbourhood which is evolving with a mix of residential, working, shopping and recreational uses. The entire Cloche d'Or quarter has been awarded the German DGNB Platinum sustainability standard, which also reflects the environmentally friendly design of the overall infrastructure. The quarter will also shortly be connected by Luxtram to the tram network of the city of Luxembourg.
"We are delighted to have acquired Bronze Gate, a modern and sustainable office property in the ever-growing southern gateway to Luxembourg City. The Luxembourg real estate market, with its favourable underlying conditions, offers very good investment opportunities, as is evident from the early and long-term full occupancy of the property," said Daniel Hohls-Larsson, Head of Transaction International and project manager at REInvest.
"With Bronze Gate, we have secured a modern office property for our DEREIF SICAV-FIS real estate fund, fully let over the long term. The location is forward-looking and one of the up-and-coming districts in Luxembourg. We have also achieved high standards in the building’s ESG features. I would particularly like to highlight the excellent and very close partnership with the developers Nextensa and Promobe (Grossfeld)," commented Hans Stuckart, Managing Director of REInvest.
