Stibbe's real estate team assisted Catella Real Estate AG with the acquisition and financing of 100% of the shares in the company owning the office development located at 60, rue des Bruyères, Howald, Luxembourg. Provisional acceptance of the building is foreseen later this month.
The 14,000m² development is located in the emerging office district of Howald and is mainly let to Saint-Paul Luxembourg media group, now part of the Belgian Mediahuis Group, owner of e.g. the Luxembourger Wort, Luxembourg Times and Radio Latina.
The acquisition is done on behalf of the real estate fund "Sarasin Sustainable Properties - European Cities Fund (SSP)", a joint venture between Catella Real Estate AG (CREAG) and Swiss bank J. Safra Sarasin. The fund invests up to 25% of its capital in residential assets with the remainder in commercial property and aims specifically to meet the specific needs of institutional investors in Switzerland, Austria and Germany.
The Stibbe team was led by real estate partner Matthias Maselis and further involved Julie De Meester, Benjamin Marthoz, Vanessa Schmitt, Jean-Marc Delcour, Giada Mognol and Alexia Waucquez.
For more information on this transaction, we kindly refer to Catella's press release.