COMPANIES & STRATEGIES - ARCHITECTURE + REAL ESTATE

Rental investments

United Textile plans to invest €80m in Lux real estate



The buildings at 79 and 81 Grand Rue are now owned by United Textile. (Photo: Guy Wolff/Maison Moderne)

The buildings at 79 and 81 Grand Rue are now owned by United Textile. (Photo: Guy Wolff/Maison Moderne)

The Bensoussan group from France, which has been active in Luxembourg since 2012, has already invested €20m in 2021 through United Textile, and plans on investing another €50m in 2022 and €30m in 2023 in retail, office and logistics property.

The Benssousan group, which kept a low profile at the time, was behind the acquisition of the building at 79 Grand Rue in Luxembourg a little over six months ago. Formerly occupied by Mac cosmetics, it has already been leased to the Samsøe Samsøe ready-to-wear brand, which is expected to open in June next year. Since then, it has also bought 81 Grand Rue. There, the commercial premises are occupied by children's shoe manufacturer Kenza Lauro, which continues its commercial activity. The group has also acquired two floors of the building located at 34A Rue Philippe II. The 2nd and 6th floors, of 250m2 each, provide an office space for its teams. The total cost of the investments has amounted to more or less €20m.

But this family business--which has made a fortune in the textile industry in France, as evidenced in particular by the opening in 2015 of the Fashion Centre in Aubervilliers, a centre dedicated to fashion wholesalers--does not intend to stop there. It is already negotiating the purchase of new properties worth €50m for 2022. And almost €30m in investments are also planned for 2023. These investments are for the long term, with the properties remaining in their portfolio and being put on the market for rent.

In addition to retail and office property in Luxembourg City and in the Gare district, the family group keeps an eye out for properties around the Cloche d'Or and Belval. Moreover, it is also interested in acquiring logistics buildings on the edge of motorways that will enable it to supply Luxembourg, but also Germany or Belgium. Lastly, Brussels is also in their sights, with two negotiations underway for mixed-use buildings on Avenue Louise.

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