IVG Immobilien AG, one of Europe’s largest real estate and infrastructure companies, has sold Thomas SA, a company owning the Rue Thomas Edison property located in the Strassen- Periphery of Luxembourg for around EUR 20m. Thomas SA was sold to a private Luxembourg based Family Office. The property is fully let to various tenants and totals 5,700 sqm.
The deal represents one of the most important transactions in Luxembourg and so far represents 15% of the total market. Private investors still dominate the Luxembourg office market despite huge demand from institutional investors. 7 transactions have so far been registered on the Luxembourg market in 2012 for around EUR 130m. With some EUR 360m ongoing, the Luxembourg Investment Market should close at an estimated total of EUR 500m., slightly higher than the years 2010 and 2011.
IVG was advised by Property Partners SA in this transaction, a market leader in the Luxembourg real estate business, and the international law firm Baker & McKenzie.