Eurozone Select Real Estate Fund, a fund managed by Boston-based investment group Fidelity International, has made its first deal in Luxembourg with the acquisition of ATOZ Tax Advisers’ headquarters for €100 million ($122 million).
Aymeric de Sérésin, portfolio manager at Fidelity International, said the fund wants to increase its exposure to the Luxembourg market for both offices and retail.
“We believe in the long-term growth of the economy and, as worker numbers increase, this will create a need for office stock over the short to medium term,” he said.
Completed in 2000, the building has recently undergone a major investment program. It is fully leased to four institutional tenants via long-term leases, and its main occupant, ATOZ Tax Advisers, accounts for over 80 percent of the rents collected.
Eurozone Select Real Estate Fund closed in 2017 with €300 million ($367 million) and has invested €85 million ($104 million) to date. The fund is the flagship fund for Fidelity’s real estate offering dedicated to institutional investors. The fund invests only in the main markets of the euro area.
