Redevco acquires C&A in Luxembourg
April 6, 2016
Luxembourg, 5 April 2016 – Redevco, the pan-European retail real estate specialist, acquired the C&A building on the Avenue de la Gare no 15 in Luxembourg for approximately 11 million euros.
The property is located on the Avenue de la Gare, the second main shopping street of Luxembourg connecting the station with the city centre. This ensures it is a stable retail region with an important footfall. Other well-known retailers in this area are H&M, Media Markt, McDonalds, Sephora, Maison du Monde, Planet Parfum, Cool Cat, Etam, Hunkemoller,…
The store has a lettable area of approximately 3,200 m² and a car park with 80 parking spaces which is currently not in use. Redevco will redevelop the car park, after which it will either have a parking function again or will be used for another purpose. With C&A, which has been renting the building for several years now, a new lease was concluded.
Suzy Denys, Director Investments at Redevco Belgium: “This transaction strengthens Redevco’s presence in Luxembourg, a region where we wish to increase our operations. The stability of the Luxembourg retail market and the continued demand for good locations by both tenants and investors ensure a balanced development of property value.”