Gone are the days of the Luxembourg businessman Flavio Becca’s ‘private’ Christmas market: on 19 June, two days after the Luxembourg Court of Appeal confirmed his mandate as provisional administrator of the Olos fund, Yann Baden ‘freed up’ 22.5 ares in mixed compartment 6 of the Ban de Gasperich for the creation of Stairs 2.

At the same time, Grossfeld PAP set up a “Land Bank” compartment to create Stairs 1, which took over the ideally placed area in the Cloche d’Or district, at a value of €16.1m in a merger. It was initially 50-50 between Becca’s Promobe group and the Dutch Extensa group and, according to the latest document registered in the commercial register, 45-45. A third player is taking a 10% stake: State Street Luxembourg.

According to one source, State Street, which employs around 600 people on Avenue John F. Kennedy in Kirchberg, will occupy the entire building, which is due for completion in 2026.

The Stairs building will complete this site--between the Cloche d’Or shopping centre and, for the time being, PWC--where . These two buildings are also the result of collaboration between Becca’s group and Extensa.

This article was originally published in .