The Titanium site in Cloche d'Or;
Nextensa, a mixed real estate investor and developer active in Luxembourg, Belgium and Austria, has sold the Titanium site in the Cloche d'Or in Luxembourg city to Codic, a Belgian real estate player operating in Belgium, Luxembourg, France, Spain and Hungary, for €110 million.
In November 2021, Nextensa signed an agreement with Codic to sell 100% of the shares of the Luxembourg company GK5 Sàrl, owner of the Titanium site in the Cloche d'Or district. The effective transfer of the shares took place today, Friday 30 December 2022, with the total investment reaching €110 million.
With this sale, Nextensa has realised a significant capital gain in the last quarter of 2022. Furthermore, the rental income from the Titanium building on the site - representing approximately €2.6 million in 2022 - still contributes fully to this year's net result.
"The sale of this site is part of Nextensa's debt reduction strategy and provides a significant capital gain that will have a strong positive impact on the 2022 results" stated Michel Van Geyte, CEO of Nextensa
The Titanium site is located on the west of the Cloche d'Or urban district in the city of Luxembourg. Today, the Cloche d'Or is being developed as a sustainable, hyper-connected, mixed-use neighbourhood. With the acquisition of the Titanium site, Codic has strengthened its presence in this innovative environment.
"We are pleased to have reached a closing with Nextensa to acquire this site in the Cloche d'Or district, located between the Route d'Esch and Avenue Guillaume Kroll. We will develop a large-scale project with strong architectural, environmental and social features. This acquisition also marks the first success of our new department Codic Invest, which has managed to raise significant funds from investors, together with Bank Degroof Petercam. Through this new business activity, we offer our financial partners the possibility of investing alongside us, benefiting from our thirty years of Luxembourg experience and our know-how, all in a perfect alignment of interests" stated Thierry Behiels, CEO of Codic International.
Codic has an ambitious project to redevelop this logistics site of some 3.3 hectares. The group wants to transform this industrial site into a multifunctional complex that integrates the environmental and social criteria of its CSR-policy. This mixed development will include offices, services and a hotel.
The reconversion of an industrial site is not a first for Codic in Luxembourg. The former Ford garages and the AEG Siemens site on the Kirchberg Plateau were successfully developed as part of The Square and K2 projects.
