Bil has sold the Terres Rouges building in Belval, pictured, to Iret Development
Bil has sold the Terres Rouges building in Belval to Iret Development
The Banque Internationale à Luxembourg (Bil) has just completed the sale of the Terres Rouges building in Belval, according to our sister publication Paperjam.
Reporting in December, the French-language site announced that Bil sold the building to Belgian real-estate developer Iret Development.
According to Paperjam, Bil sold its Red Sky subsidiary because property management was not the “core business” of the bank.
Investment fund firm RBC moved onto the site in 2006 when it was still RBC Dexia, taking over from Bil in 2012. Deloitte Luxembourg has since moved some of its operations into part of the building.
Bil did not disclose the cost of the transaction.
2019 business real estate
Luxembourg appeared to be set to achieve a record year for office take-up in 2019 as it was forecast to reach 350,000 square metres following the third quarter results. The vacancy rate remained low at 3.5% on average, the equivalent of 152,000 square metres considered vacant out of a total stock of 4.3 million, according to the CBRE report for Q3 of 2019.