Prime site sold in Luxembourg

30 July 2019
Knight Frank Belgium was exclusively instructed by the European Depositary Bank to advise it in the sale of their “Warburg Bank” site in Luxembourg, located at Place François-Joseph Dargent, at the bottom of the Côte d’Eich. The total area of 6,600 sqm of land includes approximately 2,900 sqm of existing offices. It is ideally located for redevelopment as prime offices and/or residential space. The purchasers are the Belgian Federale Insurance and ICN Development S.A., who will develop together a new high-end residential complex near the Laval park along the Alzette river. Federale Insurance was advised by Kairos Advisors. Christian Karkan, Head of Capital Markets at Knight Frank Belgium commented: “The quality of the site in terms of location and environment attracted very high interest from many developers who could base their analysis on strong market conditions both in terms of office and residential redevelopment.”