Successful Sale and Asset Management: WEST SIDE VILLAGE

RealCorp Luxembourg — SOLD: Investment 3 Office Buildings — WEST SIDE VILLAGE, Capellen. Transaction brokered by RealCorp Luxembourg

RealCorp Asset Management successfully advised in the sale of the asset WEST SIDE VILLAGE, Buildings Daphne, Eglantier and Frêne, to a Luxembourgish RAIF Trium REIM. RealCorp has again retained the Asset Management responsibility for this portfolio.

Excellent Location

WEST SIDE VILLAGE office park, totalling some 24,000 sqm, is conveniently located on the A6 Motorway, junction 2 (Mamer Capellen). A 15-minute drive from Luxembourg’s city-centre and 20 km from the Belgian border, this is an ideal location for commuters wishing to avoid peak hour traffic congestion.

Contact RealCorp for more information on (+352) 26 27 29.

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LEASED: Sompo International sets up its European HQ in Luxembourg

RealCorp Luxembourg — LEASED: Lease Office — Espace Monterey, Luxembourg City: Ville Haute - CBDTransaction brokered by

Sompo International Holdings Ltd. has leased offices at HansaInvest’s Espace Monterey building in Luxembourg’s central business district from which it will operate its new European insurance headquarters.
The transaction was brokered by RealCorp Luxembourg.

Sompo said that it had been forming a plan to address issues related to the United Kingdom’s decision to leave the European Union, in particular the potential loss of so-called EU “passporting” rights that allow U.K. financial services firms to trade in Europe without the need for locally regulated entities.

Contact RealCorp for more information on (+352) 26 27 29.

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LEASED: Triuva leases offices to Langham Hall at Avenue de la Gare, Luxembourg

RealCorp Luxembourg — LEASED: Lease Office — avenue de la Gare, Luxembourg City: GareTransaction brokered by

RealCorp Luxembourg has advised Langham Hall in the leasing of 526 sqm office space at Triuva’s Ilôt Liberté building at Avenue de la Gare in Luxembourg.

Langham Hall is a partner led professional service business, established in 2006. A recognised global provider of administration and AIFMD services to top tier private equity, real estate, debt and infrastructure clients Langham Hall provides these services from offices in London, Jersey, Guernsey, Luxembourg, The Netherlands, Hong Kong, Singapore, and New York.

Contact RealCorp for more information on (+352) 26 27 29.

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LEASED: M7 Real Estate leases offices in Centre Orchimont

RealCorp Luxembourg — LEASED: Lease Office — Centre Orchimont, HowaldTransaction brokered by

RealCorp is pleased to announce the leasing of office space to M7 Real Estate Group at Centre Orchimont in Howald.

M7 is a leading specialist in the pan-European, regional, multi-let real estate market. Wholly owned by its senior managers it has over 200 employees in 13 countries across Europe. The team manages over 1,100 retail, office and industrial properties with a value of circa €5.6 billion.

Contact RealCorp for more information on (+352) 26 27 29.

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LEASED: Office & Industrial Property in Contern, Luxembourg

RealCorp Luxembourg — LEASED: Lease Office & Industrial — rue des Chaux, ConternUnder construction 100% pre-let by

RealCorp has recently let the entire Contern Immo property comprising 2,176 sqm of warehouse space and 500 sqm of office space.

The lessees are Global Water Solutions, one of the world’s largest water treatment product manufacturers, and Himalaya Services, a beverage distribution company.

RealCorp had previously sold the land to Contern Immo early in 2017. Construction is underway and the development will be completed in summer 2018.

Contact RealCorp for more information on (+352) 26 27 29

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WestSide Village — New Asset Management Instruction for RealCorp

WestSide Village CapellenPalmer 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.

The WestSide Village office park, totalling some 24,000 square metres, is conveniently located on the A6 Motorway, junction 2 (Mamer Capellen). This is a mere 15 minute drive from Luxembourg’s city-centre and 20 Km from the Belgian border. It is 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. They join a roster of reputed companies which have elected to base themselves in Capellen.

Further information

For Asset Management enquiries please contact:

Emmanuel Laurent
+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..

* 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.

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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.


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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