Immobel transferred to Real I.S., a German real estate investment company, the capital of the INFINITY Working & Shopping S.A. company. This landmark transaction underpins Immobel’s position as one of the leading real estate developers in Luxembourg.
While expected to contribute significantly to the second half year results of 2019 (as announced in September), the sale is in line with Immobel’s objective to steadily grow its results on the back of a strong portfolio of mixed-use real estate development projects in top-tier cities.
In 2015, the ‘Fonds d’Urbanisation et d’Aménagement du Plateau de Kirchberg’ (Kirchberg Plateau Planning and Development Fund) initiated the INFINITY project via a European call for tenders for the conception, construction and operation of a mixed use real estate project with a total space of 33,300 m². Within only 30 months, Immobel delivered the next milestone project to further evolve the skyline of Luxembourg.
Olivier Bastin, CEO of Immobel Luxembourg: “The strategic location, the quality of the project and the commercialization a long way ahead of its development constituted decisive arguments for concluding an agreement with a highly regarded investor such as REAL I.S.”
“The INFINITY project perfectly meets our investment criteria: thanks to this mixed use character which greatly combines office and commerce in one of the most dynamic districts in the city centre of Luxembourg, we are continuing our investment strategy focusing on a balanced risk return profile with stable long term perspectives and yields”, comments Catherine Luithlen, President of Real I.S. France. “We have been favouring this exciting project from day one, which is very much in line with the current trends and structural developments in European metropolitan areas”.
Design: Bernardo Fort-Brescia, Arquitectonica (USA), in close collaboration with M3 Architects (Luxembourg)
• • Offices: 8 storey-building, BREEAM-excellent, 150 seat auditorium, rooftop restaurant with panoramic terrace. 6,800 m²
• • Retail: 2 storey-building, 22 shops, bars and restaurants set around 1,950 m² courtyard. 6,500m²
• • Residential: 165 apartments, delivery expected mid 2020. 20,000 m² (not part of this transaction)
Source : Joint release