PATRIZIA acquires office portfolio in Luxembourg for EUR 85m

Strategic refurbishment and re-letting plan to improve assets’ capital values.

  • Acquired for separate account client
  • 8,564 sq m of fully let office space in prime CBD location
  • Sale and leaseback transaction with plans to add value through asset management

Augsburg/Luxembourg, 29 November 2018. PATRIZIA Immobilien AG, the leading global partner for pan-European real estate investment, announces that it has acquired a portfolio of five office buildings totalling 8,564 sq m in the central business district (CBD) of Luxembourg, on behalf of a separate account client, for EUR 85m. The assets were purchased from banking services group Intesa Sanpaolo Holding International (’Intesa’) through a sale and leaseback arrangement. Intesa will continue to occupy the properties until 2022 when the Group will move to a new combined headquarters building.

Sheelam Chadha, Investment Director for BeLux at PATRIZIA, said: “This transaction represents an opportunity to deliver strong returns to our client. Once the current occupier vacates the premises in 2022, we intend to implement a comprehensive refurbishment and lettings programme to improve the rental tone and capital value of these assets. This strategy is underpinned by the portfolio’s prime location where demand for high-quality office space remains strong in the face of limited supply.”

The portfolio comprises two joint properties on Rue Prince Henri with the remaining three assets located on Avenue de la Liberte. 

PATRIZIA is active across the risk spectrum and has approximately EUR 8bn of value-add AUM.

Savills Belux, Treex, King & Spalding and Clifford Chance advised PATRIZIA on the transactions.


PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages around EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit:

Andreas Menke    
Head of Corporate Communications    
Phone: +49 (0) 821 5 09 10-6 55