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New owners for 'Fënsterschlass' project
Economics

New owners for 'Fënsterschlass' project

07.01.2015 From our online archive
Located on the corner of Rue des Bains and Rue Aldringen in the Luxembourg City centre, the so-called “Fënsterschlass” has been sold by its previous German owner to a consortium of investors.

Located on the corner of Rue des Bains and Rue Aldringen in the Luxembourg City centre, the so-called “Fënsterschlass” has been sold by its previous German owner to a consortium of investors.

The "Fënsterschlass" - meaning window castle in Luxembourgish - has been standing empty for years, but that is set to change after a redevelopment plan should see the light of day under the new owners, represented by NC Management sàrl.

The purchase price remains confidential, as well as the investors involved.

"Luxembourg is an excellent place to do business and we believe completely in the continuation of development of the City center," said NC Management director Nik Coenegrachts. "We also like the fact that this street and this particular area is really growing, there is quite a lot happening."

With projects such as Royal Hamilius and Royal20 planned nearby, the "Fënsterschlass" is thus only one of several prestigious building developments in the area.

Designed by Christan Bauer Associés Architects S.A., the refurbished property will cover 3,500 m² for mixed uses. One fifth will be dedicated to commercial use and 500 m² to offices. The building will further have 28 parking spaces and contain 18 luxury apartments, 10 of which are already reserved.

NC Management has been active in the Grand Duchy real estate sector since 2002 and has previously acquired the headquarters of bank ING. Compared to former investments such as the Parc Rischard residential area, the director considers the "Fënsterschlass" a medium, but still substantial undertaking.

Given the mature stage of the project planning, Coenegrachts found it a safe investment. "We have the permits already and besides some small changes that we just have done we are going forward with the project as it has been," he says.

The building's facade is protected by the "Service des Sites et Monuments Nationaux" (Service for national sites and monuments), and will be kept in its original state as redevelopment of the building is undertaken.

Daniel Isaksson