The sale of the Titanium site has been finalised. With an agreement to sell 100% of the shares of the Luxembourg company GK5 Sàrl--owner of the Titanium site--subject to conditions precedent, the real estate group has announced that it has completed the transaction by selling the property to Codic.

With this sale, Nextensa claims to have realised a significant capital gain in the second quarter of the year. It should be noted that the rental income from the Titanium building in 2022 amounted to around €2.6m euros, contributing to Nextensa's annual net result.

"The sale of this site is part of Nextensa's debt reduction strategy and provides a significant capital gain that will have a strong positive impact on the 2022 results," commented Michel Van Geyte, CEO of Nextensa.

For its part, Codic plans to transform this industrial site into an ambitious project to redevelop the area of around 3.3 hectares. The group wants to transform the site into a multifunctional complex that integrates the environmental and social criteria of its CSR policy, to include offices, services and a hotel.

Codic is not a first in Luxembourg for the Belgian-based real estate company, as it has already done the same with the former Ford garages and the AEG Siemens site on the Kirchberg plateau by developing The Square and K2 projects.

"We are pleased to have reached a closing with Nextensa to acquire this site in the Cloche d'Or district, located between the Route d'Esch and Avenue Guillaume Kroll. We will develop a large-scale project with strong architectural, environmental and social features. This acquisition also marks the first success of our new department Codic Invest, which has managed to raise significant funds from investors, together with Bank Degroof Petercam. Through this new business activity, we offer our financial partners the possibility of investing alongside us, benefiting from our thirty years of Luxembourg experience and our know-how, all in a perfect alignment of interests,” said Thierry Behiels, CEO of Codic International.

The Titanium site is currently occupied by Van Marcke, CFM, Mazars, Engelwood and L'Atelier.

This story was first published in French on . It has been translated and edited for Delano.