Annual Report 2018
Annual Report 2018


In 2018, we boosted our portfolio by 50 %, expanding from 86,000 to 130,900 m2 of ideally located and mostly residential projects. This has been our best year to this day in terms of acquisitions, despite the scarcity of land and a harsh competitive environment. OLIVIER BASTIN,

Total of Luxembourg portfolio


Residential units

11,200 m²


Market Analysis


  • Positive economic and population dynamics have helped drive prices for new build apartments to 7,000 EUR/m2.
  • More than 65 % of new residential development in Luxembourg concerns apartments.
  • As the city becomes expensive and crowded, people are increasingly looking towards decentralised and peripheral areas for more accommodating values.


  • Luxembourg continues to be a stand out market with solid economic and occupier fundamentals across the board.
  • Luxembourg office take-up of 250,000 m2 is among the most active years on record.
  • CRE investment in Luxembourg totalled a record 2.0 billion EUR in 2018.


  • High street prime rent of 215 EUR /m2/month remains stable.
  • Retail take-up of 32,800 m2 was a 9 % increase over the previous year.
  • Three shopping centres completed extensions in 2018: Nordstrooss, SC Massen, and City Concorde.

Our projects in Luxembourg

  • Polvermillen - Luxembourg-City

    26,000 M²

    Polvermillen - Luxembourg-City

    • Asbestos removal and demolition were completed in 2018.
    • 90 % of the site is completed.
    • The site should be cleaned up by the end of 2019.
  • Mamer - Mamer

    13,800 m²

    Mamer - Mamer

    • Acquisition of land in December 2018.
    • Land is currently agricultural land.
    • Programme to be determined based on the new PAP (Plan d’Aménagement Particulier).
  • Thomas - Strassen

    5,700 M²

    Thomas - Strassen

    • Acquisition of the company Thomas SA in July 2018.
    • The building is currently rented until 2026.
  • Nova - Luxembourg-City

    4,200 M²

    Nova - Luxembourg-City

    • The building is currently leased until 2020.
    • The planning permission application was filed in July 2018 in view to redevelop the building as of the beginning of 2021.
  • Livingstone - Luxembourg-City

    36,000 M²

    Livingstone - Luxembourg-City

    • Receipt of the project execution agreement on 26th of June 2017.
    • Phase 1:
      - Planning permission received the 15th of October 2018
      - All residential units are reserved (131).
      - A long-term lease contract was concluded on the most important commercial surface.
    • Phase 2:
      - Planning permission received the 15th of October 2018
      - Marketing started mid-October 2017 - 115 residential units are reserved on a total of 116.
    • Phase 3:
      - Submission of the planning permission application on the 24th of December 2018
  • Infinity - Luxembourg-City

    33,300 M²

    Infinity - Luxembourg-City

    • Start of construction in October 2017.
      - Housing: The construction of the 12 floors above ground is completed and façade installation has begun
      - Offices: The construction of the 3rd floor above ground is completed
      - Shops: The foundations are completed; the construction of the ground floor is inprogress.
    • 160 units are sold and 3 are reserved on a total of 165.
    • 100 % of the commercial and office areas are already rented.
  • Laangfur - City of Luxembourg

    22,600 m²

    Laangfur - City of Luxembourg

    • Acquisition of plots of land in the PAP (Plan d’Aménagement Particulier) Laangfur area in October and December 2018. 
    • PAP to develop in collaboration with other owners (24 ha site).
    • The land is currently farmland.
  • Rue de Hollerich - City of Luxembourg

    10,000 m²

    Rue de Hollerich - City of Luxembourg

    • Acquisition of land in December 2018.
    • The site is currently occupied by several shops, restaurants and offices. 
    • Programme to be determined based on a PAP (Plan d’Aménagement Particulier).
  • Fussbaan - Differdange

    8,100 M²

    Fussbaan - Differdange

    • The construction of the building is being completed and the delivery is foreseen for march 2019.
    • 43 units are sold and 1 reserved on a total of 48.
    • The most important commercial surface is sold and the two remaining units are still reserved.