ATOZ advises PATRIZIA on its acquisition of the AIRE office building in Luxembourg City, a 5,600 sqm office building fully let to the Luxembourg subsidiary of one of the largest private banks in the United States.
Luxembourg, 21 April 2020
ATOZ is pleased to have advised PATRIZIA, acting on behalf of its institutional clients, in the acquisition of the AIRE office building in Luxembourg City. The acquisition increases the number of properties PATRIZIA manages in Luxembourg to 13, comprising total space of around 87,000 sqm, with a total value of approximately EUR 800 million.
The 5,600 sqm building is fully let to Brown Brothers Harriman, one of the largest private banks in the United States, with a WAULT of 10.5 years. The property, which was completed in 2015, has a BREEAM ‘Very Good’ rating and also includes 362 sqm of storage space, 43 parking spaces and a garden area.
AIRE is located on Route d’Esch 80 in the western part of Luxembourg’s central business district, which is home to embassies, private banks, law firms and financial institutions, as well as prime residential towers. Luxembourg City has one of the lowest vacancy levels in Europe at 2.1% for the overall market and 0.29% in the CBD.
About Patrizia
PATRIZIA has been active as an investment manager in the real estate market across Europe for more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and disposal of residential and commercial real estate through its best-in-class local network in all key markets. As a global partner for pan-European real estate investment, PATRIZIA operates as a trusted and independent business partner of large institutional, (semi-)professional and private investors in all major European countries. PATRIZIA manages more than EUR 44 billion of real estate and infrastructure assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. PATRIZIA is committed to responsible investments and positive social impact. The PATRIZIA Children Foundation has helped over 200,000 children in need worldwide for over 20 years, giving them access to education and greater opportunities to lead better lives. For further information, please visit: www.patrizia.ag.
About ATOZ
ATOZ is a high-end independent advisory firm based in Luxembourg offering a comprehensive and integrated range of tax and corporate finance services. We advise on and deliver solutions for sophisticated local and global professional clients. With over 150 highly skilled professionals, our team has in depth experience of serving very demanding businesses and institutional clients in need of tailor made advice. ATOZ is the Luxembourg member of Taxand. Taxand focuses on delivering high quality, integrated tax advice, free from time consuming audit conflicts. Taxand advisers work together to deliver global tax services for clients.
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