Cushman & Wakefield Luxembourg celebrating landmark successes
18 Jul, 2012, Luxembourg
Sale of Zara-building, Grand Rue 22, acquired by 2 private Luxembourg investors;
The Cushman & Wakefield team in Luxembourg has been particularly active over recent months, announcing several deals:
Cushman & Wakefield organized a tender process for the sale of an SPV company owning Grand Rue 22, a completely refurbished landmark building with 15 meters frontage in the prime main street of Luxembourg: the property holds the 1646 m² Zara shop ( basement, ground floor, 1st floor), 309 m² of office space( 2nd floor ), 2 apartments( 3rd and 4th floor) of 207 m² and 482 m² of common space, for a total GLA of 2644m². The building is entirely leased and situated in a top-section of Grand Rue, opposite to the H&M store. The previous owners had acquired the property 7 years ago, also via Cushman & Wakefield. Several offers were received: the highest bid came from 2 private Luxembourg. The transaction is the largest investment transaction this year in Luxembourg and it underpins once more the growing interest of private investors for retail property.
Another recent important win in Luxembourg for Cushman & Wakefield is the planned move and extension of the Cartier shop: after 17 years in the Grand Rue, Cartier will move next spring to a larger shop on the corner of the Rue Philippe II and Avenue Monterey, previously occupied by Geox; it is ideally located opposite to Gucci in Rue Philippe II, and confirming this street as thé shopping street for luxury brands in Luxembourg.
The Property Management team of Cushman & Wakefield Luxembourg is also celebrating an important new instruction: after a RFP procedure by Axa Luxembourg, they were confirmed as property manager of the only large new office building that comes to market this year in Luxembourg, the Stargate building. This 6552 m² corner building is developed by Pylos Benelux and in the process to be acquired by Axa upon delivery. It is a landmark office building with high visibility as it is located on Place de l'Etoile, at the crossroads of four major axis of the Luxembourg Central Business District areas. The property is fully let with Axa Luxembourg as main tenant (headquarters and a client agency on the ground floor).
Cushman & Wakefield has been active in the retail property market in Luxembourg for many years; over the last year it has entered the office market also and this instruction underlines the ambition of Cushman & Wakefield to become one of the major players in the Luxembourg office market now that a full service local team was established over the last year. That is why more and more Cushman & Wakefield boards are starting to appear on Luxembourg office buildings.
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About Cushman & Wakefield
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Jef Van Doorslaer
+32 2 510 0818