Allianz acquires the core Vertigo Real Estate Complex in Luxembourg

Munich/Paris, 10/04/2017

Allianz deepens its alignment to buildings that follow strict environmental principles / Transaction implemented by Allianz Real Estate on behalf of several Allianz companies

Allianz announced today that it has acquired the Vertigo Real Estate Complex located in the Cloche d’Or district in Luxembourg. This follows the purchase of 100% of the shares of KRPP (Kohlenberg & Ruppert Premium Properties SA), the Luxembourg company that owns Vertigo.

The €178 million transaction was arranged by Allianz Real Estate on behalf of a number of Allianz companies. The sellers, Starwood Capital Group, via a controlled affiliate of Starwood Global Opportunity Fund X (SOF X), and Rynda Property Investors, were advised by Allen & Overy and CBRE.

"This second acquisition in Luxembourg is important to Allianz for several reasons. It enables us to strengthen our presence in the Benelux market while meeting the expectations of our investors – through the returns offered by this high-quality asset and because of its strong environmental principles." said Lionel Naturkrejt, Head of Acquisitions at Allianz Real Estate France.

On completion in 2010, Vertigo was the first property in Luxembourg to be certified ‘Excellent’ as a ‘BREEAM in Use’ building. It was built according to the High Environmental Quality (HQE) label, which sets out strict principles for eco-construction and eco-management.

The complex currently consists of two buildings with an office area of approximately 24,300 sqm and 195 parking spaces and further development is underway for the construction of a third building. The Cloche d'Or district where the asset is located is a booming office district that benefits from a strong attractiveness for the companies wishing to settle in Luxembourg. This asset is fully leased by renowned tenants such as Swiss Life, Blackstone, Starwood, Intertrust.

For this transaction, Allianz was advised by EY for financial due diligence, Arendt & Medernach for legal and tax due diligence and Ingerop for technical and environmental due diligence.

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