International real estate consultant CBRE has advised Codic, the Belgian real estate developer, and Tralux Immobilier, the Luxembourg developer, in the sale of the Altitude complex located in Leudelange, to a French institutional group.
A French institutional group acquired, on 30 April 2020, the companies L2A and L2B, owners of the "Altitude" complex located in Leudelange.
The choice of this investor confirms more than ever the attractiveness of this area of the City Belt of Luxembourg, which already hosts the headquarters of various companies such as Lalux, Le Foyer, Raiffeisen, Loterie Nationale, and soon La Baloise, thanks to its proximity to the city centre and its easy accessibility for the many daily commuters.
This acquisition in this difficult period shows the steady confidence of investors in the Luxembourg market
Thierry Behiels, CEO of CODIC International: “For the market and all the economic players, this acquisition in this difficult period linked to the current health crisis, shows the steady confidence of investors in the Luxembourg market.”
Franck Becherel, CEO of Tralux Immobilier: “Altitude is the fulfilment of our ambition to offer a living and working environment in harmony with the demand for quality and well-being at work.”
Altitude is a co-development of CODIC Luxembourg and TRALUX Immobilier, financed by ING Luxembourg.
This development totals 13,000 m² of office space, spread over two BREEAM certified buildings:
LHASSA: delivered in November 2018 and rented to Regus, Wavestone and a renowned day-care centre, Rockids, which will open its doors in September 2020. The building also hosts the headquarters of Tralux Construction and Tralux Immobilier.
LA PAZ: delivered in March 2020 and 95% leased to Northern Trust. A surface area of 400 m² is still available for rent.
These buildings benefit from a very good location, excellent visibility along the road network and an exceptional parking ratio (1 space per 50m²).
The sellers have been advised by CBRE, JLL and Heilporn & Kadaner. The investor was assisted by the asset manager Limestone Investors and advised by Loyens & Loeff.
Codic has been working as a property developer since 1970 and is developing its expertise in Belgium, France, Hungary and Spain. The group focuses its developments on multifunctional projects, offices, business parks and shopping centres on a European level. Each of its projects is characterized by the excellence of its location, the quality of the program, a strong architectural identity, the use of high-level technologies, carefully planned landscaping and a commitment to sustainable development for our buildings. Present in Luxembourg for 30 years, Codic has developed the "Etoile", "Espace Kennedy", "The Square", "K2" and "Espace Monterey" buildings and is currently developing the "Royal-Hamilius" project in the city centre.
About Tralux Immobilier :
Wishing to offer a global service and to guarantee a complete commitment, the real estate development company TRALUX IMMOBILIER is created in 2015. Its aim is to expand the area of expertise of the company TRALUX CONSTRUCTION, which has been present for 45 years in the Grand Duchy of Luxembourg, by developing land prospecting and the design of high added value projects. The realizations are diverse: prestigious housing, offices, shops, sports facilities, Tralux Immobilier by its experience in construction can carry out all types of projects.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
In Luxembourg, nearly 30 employees have been advising our clients on commercial real estate for almost 10 years.