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Allianz Real Estate pays €178M for Luxembourg complex

Allianz Real Estate marked its second acquisition in Luxembourg with the €178 million purchase of the Vertigo Real Estate Complex in the Cloche d'Or district from Starwood Capital Group and Rynda Property Investors.

The acquisition follows Allianz's full takeover of property owner Kohlenberg & Ruppert Premium Properties SA.

The 100%-leased complex comprises two buildings with an office area of roughly 24,300 square meters and 195 parking spaces. A third building is being developed on the site. Blackstone, Starwood, Intertrust and Swiss Life are notable tenants.

Allen & Overy and CBRE advised Starwood and Rynda on the deal, while Allianz was advised by EY, Arendt & Medernach and Ingerop.