Corestate subsidiary Hannover Leasing has sold the head office of “Alter Domus” in Luxembourg to a fund managed by the Generali Real Estate Group. The previous owner was a joint venture of the Finnish pension fund “Ilmarinen Mutual Pension Insurance Co.” and another institutional investor. Hannover Leasing had acquired the property in 2018 directly after completion on behalf of these two institutions.
Frankfurt/Main, 12 May 2021. Corestate subsidiary Hannover Leasing has sold the head office of “Alter Domus” in Luxembourg to a fund managed by the Generali Real Estate Group. The previous owner was a joint venture of the Finnish pension fund “Ilmarinen Mutual Pension Insurance Co.” and another institutional investor. Hannover Leasing had acquired the property in 2018 directly after completion on behalf of these two institutions.
René Parmantier, CEO of Corestate Capital Group: “The Luxembourg office market is highly competitive with low vacancy rates and only a limited number of new buildings. With this first-class office building, we have again demonstrated our market and investor access and, above all, our long-standing asset management experience in the Benelux countries. We are very pleased that we can now hand over this top-quality, modern and long-term profitable property over to its new owner Generali.”
The building is located in the Cloche d’Or district in the south of the city, which is one of the most attractive new development areas in Luxembourg and one of its main office submarkets. It has a total area of 11,700 m² and has been awarded a BREEAM ‘Very Good’ Certification. The property is fully leased to Alter Domus, a global fund and corporate services provider. Alter Domus had signed a twelve-year lease in 2018 with no right of termination before expiration of the lease. The main train station can be reached by car in just five minutes, and the international airport in 15 minutes.
Legal advisors for the sell side were Linklaters, Allen & Overy for the buy side and Savills acted as broker for the buyer.
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With some 800 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange (SDAX) and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 13 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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