Nextensa sells the Titanium building for 110 million euros

Nextensa sells the Titanium building for 110 million euros

The sale of the Titanium site, located at Cloche d’Or in Luxembourg, was finalized for a total amount of 110 million euros. Possessing an agreement to sell under suspensive conditions 100% of the shares of the Luxembourg company GK5 Sàrl – owner of the Titanium site – the real estate group Nextensa has announced that it has completed the operation by selling this property to Codic.

With this sale, Nextensa claims to have made a significant capital gain in the second quarter of the year. It should be noted that rental income from the Titanium building in 2022 amounted to around 2.6 million euros, contributing to Nextensa’s annual net income.

“The sale of this site is part of Nextensa’s debt reduction strategy and allows for a significant capital gain which will have a strong positive impact on the results of 2022”, commented Michel Van Geyte, CEO of Nextensa.

For its part, Codic plans to transform this industrial site into an ambitious project to redevelop the area with an area of ​​some 3.3 hectares. The group wishes to transform this site into a multifunctional complex integrating the environmental and societal criteria of its CSR policy, to integrate offices, services and a hotel.

Codic is not a first in Luxembourg, since this real estate player of Belgian origin has already done the same with the former Ford garages and the AEG Siemens site on the Kirchberg plateau by developing The Square and K2 projects there. .

“We are pleased to have achieved the closing with Nextensa to acquire this site in the Cloche d’Or district, located between Route d’Esch and Avenue Guillaume Kroll. We will develop a large-scale project there with strong architectural, environmental and societal qualities. This acquisition also marks the first success of our new Codic Invest department, which successfully raised significant funds from investors, supported by Bank Degroof Petercam. Through this new business, we are offering our financial partners the opportunity to invest alongside us, to benefit from our thirty-year Luxembourg experience and our know-how, all in a perfect alignment of interests”, indicated Thierry Behiels, CEO of Codic International.