Brussels-listed SICAFI Leaseinvest real estate has acquired the Knauf Pommerloch shopping centre in Luxembourg for €96.5m.
The company agreed to buy two Knauf centres in Luxembourg in August last year and acquired the first, at Schmiede, in September 2012 concluding the Pommerloch deal this month.
Knauf Pommerloch consists of 60 shops with over 26,000m² of commercial space and 2,700m² of new offices. The 10-year old centre is fully let.
Wholly owned Leaseinvest subsidiary Leasinvest Immo Lux bought the centres by issuing real estate certificates.
LeaseInvest said in a statement that with the acquisition of the two Knauf shopping centres it owns more than 20% of all the commercial space in the Grand Duchy of Luxembourg.
Leasinvest Immo Lux now owns nearly 100.000 m² of retail in six regions of the Grand Duchy, namely Schmiede, Pommerloch, Diekirch, Strassen, Foetz and Dudelange.
The latest acquisition has increased the fair value of its portfolio from € 637m to € 734m. Retail is now its main asset class and represents 40% portfolio with offices falling from 44% to 38% and logistics from 26% to 22%.
