DLA Piper advises Novaxia Investissement on the acquisition of an urban recycling site in Luxembourg

By stephanie leclercq for DLA Piper, September 19 2022
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19 August 2022 – DLA Piper has advised Novaxia Investissement, a French real estate management company, on the acquisition of a surface area of 5,110 m² in Esch-sur-Alzette. The company acquired the land through its Novaxia R fund and alongside co-investor Capelli, a European real estate developer.

This project “Terre de Sienne” demonstrates the expertise of the Capelli and Novaxia Investissement groups in terms of urban recycling and rehabilitation. The land of 5,110 m will allow, after deconstruction of the existing office buildings, the construction of a real estate program in Esch-sur-Alzette including a luxury residence of 99 apartments spread over a set of 6 buildings. This project is estimated at a potential turnover of 70 million euros and will be carried out without artificialization of the soil.

DLA Piper supported Novaxia Investissement with a cross-practice team led by Senior Associate Guillaume Schaefer on Luxembourg corporate law aspects and Counsel Julie Hecklen on Luxembourg tax. She was supported by associate Cyril Poels.

Guillaume Schaefer comments: “The team was delighted to support a new major real estate project in Luxembourg and to have been mandated once again by Novaxia Investissement in its international real estate development. It was particularly great to work with a group which aims to provide its clients with a balance between meaning and profitability.”

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