The centre does not replace local offices, but serves as a “virtual platform including IT, people, and operating model,” in the Europe, Middle East and Africa regions, according to the firm’s website.

Deloitte’s site said:

“We assist RE funds in improving the management, oversight, and control of their accounting, tax, and filing processes through a flexible coordinated team.”

In a 14 February press release, Lize Griffiths, Deloitte’s real estate sector leader in Luxembourg, stated:

“Luxembourg is the flagship of asset management in Europe, including an above-average amount of real estate assets. It made perfect sense to establish the Center of Excellence at the heart of the business where our highly specialized and experienced professionals will centralize and drive Pan-European real estate fund assignments for our clients”.

Alexandre Prost-Gargoz, co-head of the centre, then stated:

“Real estate fund managers today are under high pressure as there is increasing demand from investors for more cost-efficient and high-quality products. Outsourcing non-core activities thus becomes more important in order to focus on core asset management.”

The firm employs 50 real estate fund professionals in the grand duchy, according to the Deloitte announcement.