The 5,600 square metre building was opened in 2015, has a “very good” Breeam environmental impact rating, and includes “43 parking spaces and a garden area,” per the company’s press release.

The property is fully let to Brown Brothers Harriman, a bank and asset manager, for the next decade or so.

The real estate company said the transaction, undertaken for institutional investors, “increases the number of properties Patrizia manages in Luxembourg to 13, comprising total space of around 87,000 [square metres], with a total value of approximately €800m.”

Patrizia said globally it manages “more than €44bn of real estate and infrastructure assets” mainly for institutional investors.

The company’s Luxembourg office employs “around 40 staff members,” a spokesman told Delano on Monday.

The route d’Esch property was previously owned by Immobel, a real estate developer.

The value of the Aire transaction was not disclosed “for commercial reasons,” the spokesman said. According to the industry news site PropertyEU, the deal was concluded for “a price thought to be in the region of €70m-€75m.”

Patrizia announced the acquisition on 16 April.