Manova Partners and MAPFRE announce Sale of fully let Office Building “Charlotte” in Luxembourg CBD for a commingled fund

Munich, 10th April 2025. Manova Partners, an internationally active independent real estate investment company, and MAPFRE, Spain’s largest insurance company, announce the sale of an office building in Luxembourg, 10 boulevard Grande-Duchesse Charlotte in the Central Business District to an international family office. The building with a gross area of 5.200 sqm has been acquired as part of a share deal in 2020. The asset is currently held by Stable Income European Real Estate Fund – Manova 1 (SIEREF – Manova 1), one of Manova Partners commingled funds. Since 2013 “Charlotte” is fully let to Clifford Chance. In 2020 a new 9-year lease with the tenant was signed, and the lease was further extended for a further 3 years in 2024.

“This transaction shows that we continue to be an important player in the real estate market, alongside our partners. The strong financial position we have, with very low debt levels, allows us to book good gains on the sale of assets acquired in the past so that we can continue investing in prime buildings in the main European capitals, even at a time of cycle change like the one we're seeing now," explains Alfredo Muñoz, general manager of MAPFRE Inmuebles”.

The modern grade A office building is spread over a garden level, ground floor and three upper floors. It was built in 2013 and is currently undergoing an extensive reinstatement project. “The refurbishment project will improve the carbon footprint of the property in line with the Net Zero Carbon 2030 targets and its ESG credentials. The aim was to meet the ESG-requirements of core investors and to reposition the asset with a recently extended lease contract for sale.", says Christian Göbel, Co-CEO at Manova Partners. The project comprises a full interior refurbishment, staircase extension, adjunction of a glass roof above the atrium to improve energy efficiency, an additional air treatment central and cooling central on the roof as well as solar panels implementation on the roof and e-charging stations in the parking.

Manova Partners was advised by JLL Luxembourg during the sales process.

Press contact 

Manova Partners
c/o RUECKERCONSULT GmbH
Corinna Zimmermann
manovapartners@rueckerconsult.de

MAPFRE
Daniel Badía
dbadiag@mapfre.com