The project started in 2020 when and Aurélie Frédureau were still working at Immobel and developing Luxred in their personal time, with the help of two employees. But since 1 April this year, they have taken the plunge into 100% entrepreneurship and now work exclusively for their real estate development company.
Each of them has already had a successful career and the creation of Luxred is the logical continuation of the career development of these two real estate professionals. Bastin worked for 15 years at JLL and then moved into real estate development, working at Immobel for 11 years. “Today, I want to write the third chapter of my professional life and develop my own business,” says Bastin.
For her part, Frédureau worked at Iko Real Estate for four years, then at Immobel for six years where she met Bastin and began to work with him. “Luxred is an opportunity for me to combine my desire to have my own business with my passion for real estate,” says Frédureau.
An arrival in an uncertain market?
“Some people were very sceptical when we announced that we were leaving a big boat to sail in this small boat, and this in the middle of a storm,” confides Bastin. “Others, on the contrary, think like us that the momentum is excellent, because what could be better than entering a market when it is at the bottom of the cycle?”
In any case, the two of them have no fear about the future of their company, because the need for real estate is there. “Each project must above all find its place in its environment and be designed according to its target audience,” says Bastin. “We are not just going to do high-end or affordable housing, but carry out projects according to different parameters relating to each one, so that they are as appropriate and adjusted as possible.”
In order to position each product well, they want to place great importance on the design phase. “Whatever the typology of the project, you have to get to the bottom of things and the analysis to position the product well. This is essential, because that’s where the value is created,” adds Frédureau.
Residential, but not exclusively
The first four projects launched are residential: a ten-apartment residence, Auguste V, is being finished near the Merl park in Luxembourg; two others with six flats are underway in Kehlen; a 22-apartment residence is being designed at Val Sainte-Croix in Belair; and a final project, which they announce as “innovative,” may be unveiled soon. “We are also studying coliving projects,” says Frédureau.
However, Luxred does not intend to limit itself to the residential sector. The founders have experience and knowhow in the commercial and office sectors, so they want to move into these sectors as soon as the opportunity arises.
Also a service offer
In addition to the development of new projects, Luxred also intends to offer services to local and international players who want to increase their presence in the grand duchy. “We approach the market knowing that the old recipes are not necessarily going to work in the coming months and that we need to look at things differently,” explains Bastin.
“There are foreign investors who have already invested in Luxembourg, but who don’t really have a strong arm yet. These people may be interested in acquiring leased sites, with the prospect of redeveloping them later. To do this, they need teams on site that are able to create this value. This is the service we offer for land and property redevelopment.”
In addition, Luxred is also considering working with family offices to offer, for example, an investment in an entire residence in order to have regular rental income and future capital gains in case of resale. They’re also working with companies that want to invest in real estate for their own needs. “For the moment, discussions with this type of client are still at the embryonic stage, but we intend to develop this service in the future,” says Bastin.
This story was first published in French on . It has been translated and edited for Delano.