The property firm Immobel Luxembourg has sold Centre Étoile Sàrl, which controls the Nova office building on the place de l’Étoile, to the French insurer Monceau Assurances.
The 4,200 square metre site is currently occupied by the government’s Maison de l’Orientation student support centre. That lease ends in January 2021, Immobel said in a press release.
As part of the transaction, Immobel will complete total renovation of the building that it already started, led by the architecture firm Beiler François Fritsch, which is due to finish at the end of 2022. Monceau Assurances will be responsible for securing new tenants.
Monceau Assurances is headquartered in Paris and has €8.6bn in assets under management. It operates in Luxembourg through its wholly owned Vitis Life unit.
The deal was struck on 15 May and announced on 21 May. Immobel did not disclose the value of the transaction. The real estate brokers Inowai and CBRE advised on the deal.
The Nova building was first completed in the 1990s; Immobel bought the property in 2016.