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WestSide Village – New asset management instruction for RealCorp

WEST SIDE VILLAGE

Palmer Capital disposes of its Luxembourg buildings (12,000 sqm), D (Daphné), E (Eglantier) and F (Frêne), at WestSide Village in Capellen. RealCorp retains the asset management and confirms its new mandate with the acquiring fund.WestSide Village - Capellen

The WestSide Village office park, totalling some 24,000 square metres, is conveniently located on the A6 Motorway, junction 2 (Mamer Capellen), a mere 15 minute drive from Luxembourg’s city-centre and 20 Km from the Belgian border, an ideal location for commuters wishing to avoid peak hour traffic congestion.

Modern and Practical

West Side Village - DaphneThe modern design and practical layout of the building floor areas offer a comfortable work environment to its
occupants. The floor space is modular and allows for divisibility from 250 square metres.
Ample parking space is available on-site. Both JLL and CBRE have been appointed joint letting agents.

Electrolux and Canon are two of the most recent occupants to take-up space at West Side Village thereby joining a roster of reputed companies which have elected to base themselves in Capellen.

Further information

For Asset Management enquiries please contact:

Emmanuel Laurent
elaurent@realcorp.lu
+352 26 27 29

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RICS Surveyors to use IPMS for Offices in 2016

Luxembourg Kirchberg from the Paffendaller ViaductDid you know? RICS Chartered Surveyors can now apply International Property Measurement Standards (IPMS) in Luxembourg. The BACS (Belgium Luxembourg Association of Chartered Surveyors) code of measuring standards, currently widely used in Luxembourg, will be replaced by IPMS in January 2016.

A laudable aim

We first posted about the proposed universalisation of property measurement standards in July 2014. We acknowledged that the aim of the IPMS Coalition tasked with developing these standards was laudable:

… to produce international standards that will enable different classes of buildings to be measured on a transparent basis … (and to) … promote market efficiency through greater confidence between investors and occupiers by providing consistent property measurements for transactions and valuations.

At that stage, however, we shared with many valuers worldwide some questions about the applicability of an international standard in the local context. It seemed a tall challenge.

RICS Property Measurement incorporates IPMS

Luxembourg Kirchberg, Quartier européen Sud: Alcide De Gasperi Building and Hotel Novotel KirchbergHowever, the recently published RICS Property Measurement guide (May 2015) incorporates the first official version of the International Property Measurement Standards (IPMS) which was published in November 2014.

This first edition of RICS Property Measurement updates the RICS Code of Measuring Practice, 6th ed. It comprises three elements:

  1. Professional Statement: Office Measurement
  2. IPMS: Office Buildings
  3. Code of Measuring Practice, 6th edition

The first two elements apply strictly to office measurements only. The third currently applies to all building classes except offices. It has been effective since 18 May 2015.

The IPMS: Office Buildings document is the first published IPMS standard. It will be updated over time to comply with other IPMS standards, including residential*, industrial and retail, as they are published.

Some parts of RICS Property Measurement are mandatory for RICS members and will be subject to regulation by RICS. Other elements are provided as professional best practice guides and practitioners are strongly advised to follow them.

Implications of the change from BACS to IPMS

The BACS (Belgium Luxembourg Association of Chartered Surveyors) Code of Measuring Standards was first published in 2000. It was not mandatory, but, in the absence of any other standard, has since then had its place in guiding the marketing of Luxembourg offices.

However, the increasing number of cross-border investors will be glad to simplify their assessments by using a single measurement standard. Inevitably, therefore, property owners, as well as agents, architects and developers, will also turn to IPMS.

It appears that this change will initially have only a moderate impact on quoted rents and prices per square metre in Luxembourg, because there is no great difference between current BACS measurements for offices and the new IPMS, at least for standard configurations.

How can RealCorp’s RICS Chartered Surveyors help you?

Contact Michael Chidiac MRICS re Valuation and Advisory or Search and Selection.
Contact Laurent Pedrini MRICS re Acquisitions and Disposals, Landlord Rep., Tenant Rep..


Notes
* You can buy digital (£20) or hard copy (£40) versions of RICS Property Measurement from the RICS Shop.
* The IPMS Coalition has identified ‘Residential Buildings” as the next class of property for which to develop IPMS. They ran a public consultation on IPMS for Residential Buildings from 15 June 2015 until 30 September 2015. The consultation is now closed, but it is useful to scan the Consultation Document for a summary of the challenges faced and possible approaches. According to their site, they aim to produce a final standard by the end of 2015.

Sources
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The RICS Chartered Surveyors are Coming!

Laurent Pedrini RealCorp LuxembourgCongratulations are due to Laurent Pedrini, our Manager – Corporate Real Estate Services, who has joined the swelling ranks of Royal Institution of Chartered Surveyors (RICS) Chartered Surveyors at RealCorp.

When did you receive the qualification?

I passed the RICS accreditation in Brussels on November 28 and will be allowed to make public use of my MRICS title as from December 15.

How long did it take to study for it?

Well, I followed the Senior Professional path which requires one to hold at least ten years’ experience in Real Estate. So, in a way, I’ve been studying for it for over ten years!

I had to describe my experience with the writing of three case studies of some 5-600 words each which were the basis for an interview. I elected to conduct the interview in English as most of my clients are English-speaking. It took me some three months to write the case studies and their annexes, with the help of my counselor and of Erwan Varron MRICS (Asset Manager, RealCorp) who trained me and provided knowledge of valuation.

3. What does the Senior Professional path entail?

The Senior Professional path focuses on personal experience of Real Estate and how it complies with RICS ethics and business methods.

Logo of the Royal Institution of Chartered Surveyors (RICS)Special attention is brought to the five RICS rules :

  1. Take responsibility
  2. Treat others with respect
  3. Act in a way that promotes trust in the profession
  4. Act with integrity
  5. Always provide a high standard of services to clients
Did you specialize in any aspect?

I passed the RICS “Commercial Practice” which applies mostly to real estate brokerage.

I personally emphasized the necessity to:

  • Improve the image of real estate brokerage in the market
  • Comply with recognized ethics and a respected way of doing business
  • Know valuation methods well to deliver reliable information to clients
  • Show our clients we are structured
  • Show transparency at any stage of our assignment
Are you glad you did it and why?

Of course. RICS membership is a recognition by my peers of my expertise in Real Estate. It also reassures my clients of my dedication to delivering a high standard of services.

RICS at RealCorp Luxembourg

RealCorp’s management team now includes three Chartered Surveyors:

For more information on the value of the RICS standard, see these posts on our blog:

Agency Head now an RICS Chartered Surveyor
Valuing the new RICS Valuer Registration Scheme
Do You Need a Valuation?
The Valuation Process in Luxembourg
Global measurement standard for Luxembourg?

How can RealCorp’s Chartered Surveyors help you?

Contact Michael Chidiac MRICS re Valuation and Advisory or Search and Selection.
Contact Erwan Varron MRICS re Asset Management.
Contact Laurent Pedrini MRICS re Acquisitions and Disposals, Landlord Rep., Tenant Rep..

Post updated 16 June 2015

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New lobby for The Ikano Group

Ikano Reception Furniture SketchRealCorp was honoured in July 2014 with a commission to manage the design and implementation of a new Lobby for the Ikano Group’s head office in Luxembourg.

The Ikano Group – a proud tradition

Originally part of furnishing company IKEA founded in 1943 by Ingvar Kamprad, in 1988 Ikano became an independent group of companies, owned by the Kamprad family. Today the Ikano Group owns, develops and manages financial services, real estate, insurance and retail companies.
Sketch of Ikano Reception FurnitureThe Group currently employs 3560 people. Its reach now extends to 16 countries in Europe and Asia.*

Sketches and Studies

In August and September this year, RealCorp provided the client with several 3D sketches showing proposed layouts of the Lobby area. We also conducted a capacity study in September for the First Floor of the same building.

The First Floor project has been put on standby, but in November the client selected their preferred sketch for the Lobby.

Work in Progress

Ikano IT Office LayoutThis has now enabled us to begin coordinating and supervising various service providers. We have entrusted the work to our reliable collaborators, GSA Livange, Carte Blanche and SSILux Mondorf.

The IT installation will be managed by Ikano’s in-house IT team.

Project management will be done by RealCorp’s own in-house Architect, Monica Bocan. The aim is to deliver the final product on 15 January 2015.

*Source: http://www.ikanogroup.com/the-group

Post updated 16 June 2015

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2RS Insurance move to better offices

New office space for 2RS Insurance LuxembourgImproving your office space doesn’t always involve changing your address (or not much, anyway!). We helped the 2RS Insurance company (Risk and Reinsurance Solutions) to move from the 3rd Floor to the 6th Floor in the Monterey Building at 23 Avenue Monterey, Luxembourg.

Following a referral from Laurent Pedrini of our Agency Team, 2RS Insurance appointed RealCorp Project Management to prepare their spacious new offices.

The destination space was in good condition as it was previously refurbished by the owner. However, some final touches were required. 2RS Insurance needed to create two open-plan offices in the available space. This involved partition walls and open-space technical elements, including electricity.

Tight deadline required speedy responses

We received the confirmation from 2RS on 15 October. They needed to move on 14 November. This tight deadline required emergency scheduling, so we began work as soon as possible on 16 October.

We were pleased to receive speedy reactions from our usual contractors. Security Services Installation Luxembourg (SSILux) and Carte Blanche have already accepted the schedule and will begin work shortly.

Making a good space functional

These pictures were taken during our first inspection of the premises.

2RS Insurance will move into this new space at 23 Avenue Monterey

We have enjoyed assisting with the transformation into an attractive and functional space that meets the client’s needs.

2RS Insurance new premises after move

S Insurance new premises after move

Post updated 16 June 2015

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RealCorp PM Moves East Capital

On 30 Sep 2014, RealCorp Project Management helped client East Capital move from the XXIst century building in Cents to 11 rue St Zithe in Luxembourg.

East Capital OutsideProject Management Services required

Account Manager Aurélie Vanaudenhoven of our Agency team recommended our Project Management services to East Capital when she found the new premises for them. They needed someone to manage works, and to arrange and supervise the move.

We accepted their appointment on 5 August 2014. Our team immediately swung into action to deliver the new accommodation according to their requirements.

A diverse team of experts coordinated by RealCorp PM

The works programme involved:

  • creating a partition wall
  • installing lighting
  • providing an attractive and functional kitchen area
  • installing and checking electrical fittings and connections
  • and purchasing and installing furniture.

We arranged and supervised work by the following contractors: Carte Blanche, Cofeley Solelec, CSlux, Inside, Ambiente and Design F. ISP did the final cleaning and Socotec performed the final regulatory check.

East Capital’s new home now includes an open-plan office for six people, a lobby, an individual office and a meeting room, as well as facilities such as kitchen area and toilets.

East Capital meeting room

East Capital new partitionEast Capital kitchenette

East Capital warm wooden floor

Post updated 16 June 2015

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To Lease or Own Commercial Real Estate?

The commercial real estate industry has been slow to embrace blogs and social media, but there is an increasing number of useful articles online if you know where to look. One blog post recently discussed at RealCorp is The Pros and Cons of Leasing vs Owning, from LeaseMatrix. Our RICS chartered surveyors made some additional comments on whether to lease or own commercial real estate, including some observations specific to Luxembourg. The points are paraphrased here to facilitate reading and commentary. To read them as originally expressed, please visit To the original article. Responses from the RealCorp team (RC) are in purple.

Advantages of Leasing

Luxembourg capital buildings and forest

  • Liquidity & Cash Resources: Leasing often requires less cash than ownership, leaving more capital to invest in core business and expansion. RC: The extra capital could also be used for alternative projects and property investments, yielding returns in excess of the weighted average cost of capital of the firm.
  • Financing Source: Leasing may be an attractive source of financing, if the cost of leasing falls below that of ownership. Small or low-profit-margin firms who struggle to get traditional financing might find a commercial landlord happy to sign a lease with them. RC: For comparison, the cost of ownership must integrate the benefit of loan amortization and capital allowances.
  • Cost Stability & Predictability: The long-term occupancy costs of leasing are often easier to forecast and budget. While some leases expose tenants to minor capital costs, most commercial leases enable tenants to avoid unforeseen items such as replacement of mechanical systems, structural repairs, and roof or parking lot replacement. RC: In Luxembourg, capex (capital expenditures) are generally landlord’s costs and cannot be recharged to tenants, but specific lease contracts may contain different conditions.
  • Tax Benefits: The occupancy costs of leasing are fully deductible, which can shield the business’s operating income from income taxes, whereas an owner must depreciate the property’s improvement costs. RC: However, owners can also benefit from a tax shield provided by the deduction of mortgage interest expense.
  • Flexibility & Mobility: A lease’s expiration date gives users a specific date by which to plan and re-evaluate real estate needs. This gives greater flexibility to users who need to expand, contract, or relocate. RC: Yes. This is one of the main reasons that companies prefer leasing to owning.
  • Location: Leasing enables users to occupy space at premier or strategic locations which they could not afford to own. RC: Yes, another good reason for leasing.
  • Focus: Leasing enables tenants to concentrate on primary business without the distractions of ownership’s property management issues. RC: This is related to the capex – it’s not just about cost, but that the party paying must also manage the issue.
Disadvantages of Leasing

Abbey in Luxembourg

  • Control: Tenants have little control over the types of other tenants that lease space in the building. These other tenants can adversely impact parking, operating hours, use and compatibility, or building services. RC: There may also be restrictive use covenants in the lease, such as using this premises as an Office only, or that the length of the lease cannot extend more than x years.
  • Cost: For an established business with easy access to capital, leasing could be a more expensive alternative to ownership. RC: It also depends on the strategy. Some major companies have even found that acquisition followed by a sale and lease-back created better value.
  • No Appreciation or Equity Accumulation: Leasing offers no opportunity to profit from the appreciation of the property, or to achieve equity accumulation through the reduction of the property’s underlying financing. RC: One must keep in mind, however, that this reasoning does not hold in declining markets with falling capital values. Lease in this case may be a better option until the market rebounds.
  • Contractual Obligations: If a leased property becomes less desirable or unsuitable, or the tenant’s business becomes unprofitable, the tenant must still pay rent or face penalties for default. RC: In our experience, this is seldom a problem as a.) landlords are usually willing to refurbish properties to avoid losing rental income, unless market conditions change substantially, and b.) the tenant may sublet or assign the lease.
  • Loss of Salvage Value: Most leases stipulate that certain improvements made by the tenant become the property of the landlord at the end of the lease. Alternatively, the landlord may require the tenant to remove improvements made at the tenant’s
 expense. RC: If equipment “touches and concerns” the demised premises, e.g. is a fixture, it may belong to the landlord at the end of the lease. The reinstatement and improvements clauses define whether amenities belong to tenant or landlord.
Advantages of Owning

Luxembourg Architecture

  • Appreciation: Owners can benefit from asset value appreciation, whereas tenants cannot. RC: Keep in mind that property can depreciate as well.
  • Debt Reduction: Under an amortizing loan, an owner accumulates equity in the property as mortgage principal is paid down. RC: Correct unless property values fall.
  • Control: Property ownership enables direct decision-making and control, whereas leasing does not. RC: Yes, in theory. But, in single-tenanted buildings, a great degree of control is often granted to the tenant, especially regarding building management and appointing service contractors.
  • Income: If a portion of the property is leased, the rental stream from tenants can help pay the mortgage, or be reinvested or distributed. RC: It might be strategic to “save” a part of the revenue to set up a sinking fund for capital expenditures or debt repayment.
  • Tax Advantages: Ownership enjoys interest and depreciation deductions that shelter income from taxes. Also, on sale of the property, gains are usually taxed at a lower marginal tax rate than ordinary income. For example, in the USA, the capital gains tax rate is currently 20% and depreciation recapture is 25%. RC: Another example: In Luxembourg, the buyer pays registration duties at either 7% or 10% of the property purchase price. However, one frequently sees “share deals” where the SPV (Special Purpose Vehicle) holding the property is transacted via the sale of its shares. This sale of shares does not attract registration duties as an “asset deal” would. This tax saving is beneficial to both seller and buyer.
Disadvantages of Owning

Luxembourg medieval buildings

  • Time Frame: Transactional costs associated with acquisition and disposition of property can offset or even eliminate the benefits of appreciation over a short-term hold. RC: Save for a general downturn in the property market, transaction costs do not preclude being able to achieve adequate net returns. It is all about carefully planning and analysing the acquisition at the outset.
  • Inflexibility: When a business (or a related party) owns a property, a decision to relocate for business purposes may be difficult, as that property must be relet or sold. This can take months or years. RC: This is why any acquisition must be thought through, considering exit scenarios such as letting the property or outright disposal.
  • Capital Requirements: Commercial property usually requires a down payment of 20 to 30%. This consumes capital which could otherwise be invested in a user’s business. RC: Unless there is an immediate need for cash in the business, investments could be made into projects such as property acquisitions that yield in excess of the weighted average cost of capital of the firm.
  • Management: Commercial property management issues are complex and cover areas such as legal compliance, health and safety, and contractor management, which can be distracting and costly. RC: For this reason, most landlords appoint asset and property managers to manage buildings, to free themselves to focus on other business. This gives them time, but also costs money.
  • Financing: Sources and availability of debt may be limited during economic recession or depression, and rising interest rates may make refinancing difficult or impossible. RC: As we have seen with the wave of recent non-performing loans, the higher the leverage, the more vulnerable the property is to market downturns.
  • Debt Covenants & Restrictions: Most commercial real estate loans require personal or corporate guarantees, along with a liquidity requirement (e.g minimum deposit balance with the lender). Alternatively, non-recourse fixed-rate financing may come with other stipulations. One of the most common examples is paying yield maintenance or a break up fee, should the loan be retired early. RC: Agreed. Some debt covenants frequently found in loan agreements are the Interests Cover Ratio and the Loan to Value Ratio.
  • Downside Risks: As with every investment, ownership carries numerous risks. These include decline in property value due to the economy or market, financing risks, and unanticipated repair and maintenance expenditures. RC: Banks and shareholders often require valuations of the property to update market value for lending and accounting purposes. This is undertaken at least once a year by external chartered valuation surveyors.

To contribute to the points above, or to add any thoughts on whether to lease or own commercial real estate, please Leave a Reply on this post.

How can RealCorp help you?

In conclusion, there are good reasons to consider either Leasing or Owning, but your specific circumstances will likely point clearly in one direction or the other, if you’ve done your analysis homework! However, this type of analysis is complex and may be time-consuming. RealCorp has the expertise to help.
Contact us now to talk through your options:

Sources:
The Pros and Cons of Leasing vs Owning, by LeaseMatrix, 06 April 2014: https://lease.io/blog/leasing-vs-owning-real-estate/

RealCorp MRICS (Members of the Royal Institute of Chartered Surveyors)

Post updated 16 June 2015

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West Side Village HVAC Refurbishment

Thermic camera check at West Side VillageOn Saturday 13 September, after a final thermic camera check, RealCorp Project Management completed another successful delivery, This project, in West Side Village, Capellen, Luxembourg, involved the complete refurbishment of the HVAC cooling and heating system.

HVAC refurbishment sorely needed

Due to the poor installation of connecting elements in 2006, the existing system had been rusting and struggling to cope. As evidence of the decay emerged, it became clear that significant intervention to prevent water incidents would be required at some point.

On the advice of RealCorp’s Asset Management team, the owner wisely decided to take action now to prevent further deterioration.

West Side Village rusted cable

Many metres of cabling; many hours of work!

Working with contractor Martin Weber of Trier, and RealCorp’s Christophe Daudigny as Project Manager, we removed and replaced 7 670 metres of cabling.

This HVAC refurbishment was a challenging project, not only due to its scale, but also because West Side Village is an occupied site.

Most of the buildings are rented to other companies (Creatrust, Sopra, WSR, Nizi). These tenants needed to continue their daily business with as little disruption as possible.

This required 17 night operations during the 890 hours worked on site over four months (May to August 2014).

HVAC refurbishment benefits tenants and landlord

We are pleased to report that we achieved the refurbishment goal and also enabled these tenants to continue working. They will now enjoy a workplace free of unexpected water problems.

The owner is happy too, because a major factor affecting the current and future value of the asset has been addressed.

West Side Village cables in ceilings

Post updated 16 June 2015

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Real Estate Due Diligence – Yes We Can!

What is Due Diligence?

Christophe Daudigny Head of Project Management RealCorp Luxembourg

Investing in real estate brings great rewards… partly because there are great risks. But you can protect your investments in advance. A Due Diligence assessment (known in the industry simply as a “Due Diligence”) is the process of systematically researching and verifying the quality of a real estate asset. This includes addressing and ticking off a check-list any point with a risk (technical, financial, legal). The final result is a report or series of reports presenting the findings to the commissioning client. Christophe Daudigny summarises:

Why do you need a Due Diligence report?

Due Diligence helps prevent unnecessary problems and claims from either party involved in a transaction, or from the tenants of the Asset. It is often the most appropriate and best way for the owner to obtain a sustained global view of the asset, including quality, risks and expected costs.

The goal of the process is often to ensure that all stakeholders associated with a Real Estate transaction have the information they need to assess risk accurately. In real estate, due diligence is performed in the period between the acceptance of an offer and the closure.

What’s in a Due Diligence report?

A Due Diligence report by RealCorp usually contains the following elements:

  • Legal report: An examination of the validity and implications of any applicable authorisations, whether existing or expected, and an analysis of the statement of the asset with regard to impending laws and regulations, e.g. sustainability requirements.
  • Financial report: An assessment of the quality of the tenants and the asset’s financial efficiency, including maintenance efficiency, and the quality of existing contracts with purchasers providing maintenance elements.
  • Technical report: Based on an exhaustive visit to the asset, this is a complete report on all technical elements, such as heating, ventilation, structure, fire security, windows, insulation, roof equipments, lighting, etc.
  • Final report: This includes a refurbishment proposal with scheduling and cost estimation.
  • Sustainability report: If requested by the client, we can assess the cost and the potential Return on Investment of creating a sustainable asset from an old building.
What does a Due Diligence assessment cost?

Asset managers are required to perform Due Diligence with the standard of care that a reasonable person exercises to avoid harm to other persons or their property. When the assets are large, the amount of care required increases. RealCorp teams manage the entire due diligence process for any Real Estate asset under the supervision of the Head of Project Management. He is assisted by the Project Management technical teams and the company’s financial experts.

The cost of a complete Due Diligence, with all technical, legal and financial items, is related to the area and the number of buildings of the asset (for example, visiting two buildings of 10 000sqm takes longer, and is therefore more expensive, than visiting one!). As a guideline, a range of €30,000-50,000 is normal for an office building of 5,000-10,000sqm.

How long does a Due Diligence take?

Two or three months are normally necessary to process a complete Due Diligence including :

  • getting the basic elements from the As Built files
  • performing and processing all the visits and enquiries
  • creating a final report, in three parts: non-technical short conclusions with costs, complete report, technical appendix.

The most recent Due Diligence delivery by RealCorp was in June 2014. We performed a Due Diligence assessment for an asset of three buildings in Capellen. After 11.5 days of on-site visits and 2.5 months of work, the team produced a comprehensive report covering structural and other defects, technical data and building history, replacement of inadequate or missing documentation, costings, etc.

Due Diligence: The rewards

The benefits of avoiding or minimising risk to assets or the people inside them via Due Diligence are mostly obvious. Another benefit usually less well articulated is the capacity to make long-term cost-savings. One can sometimes even make asset-enhancing, profit-maximising decisions based on the findings.

The above-mentioned comprehensive report enabled the client to prioritise and budget for repairs over the coming years, with a clear understanding of where to focus first. The projection of likely capital expenditure and the updating and organisation of all legal and technical documentation are also valuable in gearing up for a possible future sale. A clear assessment of the state of the buildings and easy access to all related documentation increase the project’s desirability because they are very useful to a potential purchaser.

Post updated 16 June 2015

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Quick Refurbish and Move for Fund Solutions

Fund Solutions logoFund Solutions moved on 11 July 2014 to 1, côte d’Eich, in the CBD, Luxembourg. Their new home consists of a reception area and meeting rooms on Level 3 and offices on Level 4. After the RealCorp Agency team had finalised the contract, RealCorp Project Management was employed to complete a light refurbishment project, to be completed in five weeks (deadline 14 July).

Project Manager Audrey Laudet, who is also an Interior Architect/Designer, was responsible for the initial design that secured the contract. She followed this up with efficient project management (drawings, quantity evaluation, finding contractors, scheduling, realisation and follow-up) of the following works:

  • Refurbishment of sanitary facilities on Levels 3 and 4 (sinks, worktops and toilets replaced)
  • Laying vinyl flooring over the convectors on Level 3, to remove damage and present a clean, pleasant appearance
  • Technicals (CSLux)
  • “Fund Solutions” lobby signage, from the entrance to the reception at Level 3
  • Painting walls (SLP)
  • Cleaning of all the premises including the ground floor entrance hall.
  • Final cleaning before move.

Audrey Laudet, Project Manager and Interior Architect at RealCorp LuxembourgIn summary, RealCorp completed in three weeks:

  • Tender
  • Customer decisions
  • Schedule
  • Business Action
  • Receptions
  • Turnkey.

… and Fund Solutions were able to move in three days ahead of schedule, on 11 July. Well done, Audrey!

Fund Solutions Premises Before Renovation

Painting in progress at Fund Solutions' new premises

Fund Solutions Premises After Renovation

Fund Solutions' new premises after renovation

Post updated 16 June 2015

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