AXA Real Estate, on behalf of the Caesar Fund, has completed the €32.2m (£25.2m) acquisition of a Luxembourg-based company.
The deal includes the purchase of an office building in Kirchberg, named Monnet 6, from Deka Immobilien GmbH.
The multi-let asset comprises 4,485 m² of office space over five storeys and is currently fully let to five tenants. It also includes around 650 m² of storage space, as well as 141 parking spaces.
The Caesar Fund has now invested a total of €326.5 million (£256.1m) and the latest acquisition is its first in Luxembourg.
Guy Van Wymersch, head of Benelux at AXA Real Estate, said: “The Kirchberg office market in Luxembourg is characterised by a remarkably low vacancy rate of 1.8% and strong rental growth, appealing to an increasing number of international companies. We are very pleased to build on the momentum we have achieved with the Caesar Fund following the recent acquisition of an office building in Brussels.”
