Pylos has signed a 2.300 m² lease for the STARGATE project, located in the Luxemburg CBD, with FACTS, a subsidiary of SGG fund management. Rental price was above 38 €/m + VAT. Broker: DTZ
The 7.000 m² STARGATE project is now 100% let, 6 months before delivery. The first 4.700 m² was previously let to AXA, to house its Luxemburg activities. AXA will acquire the entire project when delivered in Q3 of 2012.
Luxemburg CBD sees a further decrease in void to 2,5% and new deliveries in the coming 24 months are scarce. We therefore see a compression on yields for top located new products the next couple of years to come.
Pylos currently has a pipeline of about 10.000 m² in the Luxemburg CBD and Station area to be delivered over the coming 24 months.
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