Cording acquires first property in Luxembourg for Benelux Commercial Real Estate Fund
Amsterdam, 29 October 2018 – Cording Real Estate Group, the European real estate investment and asset management firm, has acquired its first office building in Luxembourg for the Benelux Commercial Real Estate Fund and has now invested in three countries.
The office building, JM 6, is at Rue Jean Monnet 6 in the Kirchberg district of Luxembourg city. The property was built in 1992 and is fully let to multiple international tenants. It has five office storeys and three basement levels for underground parking. The lettable area is around 5,100 square metres and it has 137 car parking units. The property is well connected to public transport facilities and is located adjacent to the Auchan shopping centre. It offers a great opportunity for tenants to have amenities and public transport at a walkable distance. The new tram line will enable tenants to travel efficiently towards the airport, the city centre and central station.
René de Heus, Head of Investment Benelux at Cording Real Estate Group, said: “We are very pleased with this first entry in Luxembourg. Within two years after the launch of this fund, we have successfully acquired thirteen assets and are now well diversified throughout the Benelux. The asset was sourced off market which underlines our extensive network. As a new entrant to the Luxembourg investment market, Cording has again emphasised its strong local platform in the Benelux and demonstrated its deal certainty during transactions”.
Cording was advised by Loyens & Loeff N.V. on legal and tax matters, by SGS Search on technical matters and by Savills on commercial matters.
The open-ended special fund, Benelux Commercial Real Estate Fund, was launched in December 2016 to invest in office and retail properties in the Netherlands, Belgium and Luxembourg. The fund’s focus is on properties with diversified cash flows located in economically strong cities. The fund has a gross target volume of €400 million, which includes €250 million of equity. The total gross asset value (GAV) of the fund is currently around €250 million. The entire portfolio consists of 13 properties spread over core locations in Amsterdam, Utrecht, Rotterdam, The Hague, Brussels and Luxembourg.