IVG Immobilien, one of Europe鈥檚 largest real estate and infrastructure companies, has sold Thomas SA, a company owning the Rue Thomas Edison property located in Luxembourg for around EUR 20 mln to a private Luxembourg-based family office.
IVG Immobilien, one of Europe鈥檚 largest real estate and infrastructure companies, has sold Thomas SA, a company owning the Rue Thomas Edison property located in Luxembourg for around EUR 20 mln to a private Luxembourg-based family office.
The property is fully let to various tenants and totals 5,700 m2.
The deal represents one of the most biggest transactions in Luxembourg so far this year, accounting for 15% of total transaction volume to date. Private investors still dominate the Luxembourg office market despite huge demand from institutional investors.
So far seven transactions have been recorded in the Luxembourg market in 2012 totalling around EUR 130 mln. Over the full year, transaction volume should reach about EUR 500 mln, which would be slightly higher than the years 2010 and 2011.
IVG was advised by Property Partners and international law firm Baker & McKenzie.
IVG Immobilien manages assets worth some EUR 21.5 bn at 19 sites with around 600 employees.
