Private Luxembourg investor takes on ACL
Historically investors in Luxembourg have focussed on core buildings. Airport Center Luxembourg (ACL) is more of a value-add investment, due to its location in the airport district, its 25% vacancy and a degree of dilapidation.
Despite this significant challenge, Cushman & Wakefield successfully represented the interests of AIG and Adler in the sale to a private Luxembourg investor. Initially, there were only a few value-add investors who were interested in Luxembourg. Even though the transaction was completed with a local investor, Cushman & Wakefield had made use of the wider network and its contacts to support the client’s desired exit.
Even though the asset’s fundamentals were quite complex and other advisers had previously failed to sell it, Cushman & Wakefield managed to secure the sale at a value that fully met with our client's expectations.