Pylos has acquired a property in the station area of Luxembourg City. The company intends to develop a 4,000 m2 office building on the site.
Pylos has acquired a property in the station area of Luxembourg City. The company intends to develop a 4,000 m2 office building on the site.
The investment volume and the vendor of the property at Rue du Fort Wallis were not disclosed. But it is understood the new office building - to be delivered in early 2015 - will have an investment volume of €20-25 mln.
The broker for the transaction was Property Partners.
The new office building will have Breaam sustainability certification. It will be next to several local headquarters, including those of Arcelor Mittal and HSBC.
While the latest acquisition was on a speculative basis, the development will be carried out once there is a pre-letting or an end-investor in place.
For Pylos, this is the fourth project in the station area, after Gare 65, City Station and Red Station. The developer told PropertyEU that it believed in the 'upward potential' of the station area due to the shortage of good quality offices. In addition, the TGV connection with Paris is expected to generate extra business traffic.
Founded in Belgium in 2001, Pylos is also active in Luxemburg, France, Switzerland and Brazil.
