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Allen & Overy Luxembourg is instructed across a range of construction, lease, purchase and sale of commercial property matters, while the firm’s excellent knowledge of banking matters means it is also well placed to advise on financing issues. André Marc is recognised for his expertise across a range of real estate matters, including working on investments by real estate funds, and counsel Serge Hoffmann is particularly accomplished on leasing and regulatory matters.

At Arendt & Medernach, real estate work is handled by a multidisciplinary group with lawyers deployed from the banking, investment funds, tax, administrative, and property and construction groups. The team handles a broad scope of work for domestic and international clients including structuring investment vehicles, financing, planning and litigation. The team is advising a Luxembourg-based developer on the development of a large office, residential and retail building complex. Claude Niedner and tax partner Eric Fort are recommended.

Elvinger, Hoss & Prussen regularly handles a number of headline mandates. As well as continuing to advise AGORA on the development of land previously occupied by the steel industry in the south of the country, the team is involved in the urban development of the ‘area of Aldringen’, located in the heart of the capital. Léon Gloden is praised for his ‘professionalism and availability’ and expertise across a range of real estate matters. Patrick Reuter is particularly well versed at advising on regulated real estate fund structures.

Kremer Associés & Clifford Chance is best known in the market for its ‘superb’ real estate funds work. In addition to this, the team handles debt restructuring, refinancing and M&A transactions in the sector for local and international clients. Albert Moro and Claudie Grisius are recommended.

Linklaters LLP’s multidisciplinary real estate team provides expertise across the spectrum of mandates, although it is particularly accomplished in financing aspects, as well as funds work – where the firm can count more than 30 international property funds on its roster including Aberdeen Indirect Property Partners, BlackRock Real Estate Fund of Funds and Morley Asia Property Fund. Patrick Geortay, René Diederich, Tom Loesch and Emmanuel-Frédéric Henrion are recommended.

OPF Partners’ comprehensive practice covers downstream acquisitions, real estate investment fund transactions and structuring, financing and tax matters. The firm is advising a fund on its investment in the development of a major residential area in the city with 800 apartments. Clients include CIP, Leasinvest and Tyburn Lane Private Equity. Martine Gerber-Lemaire and François Pfister are recommended for downstream acquisitions and real estate funds work, respectively.

Kleyr | Grasso | Associes provides expertise to clients across the full scope of transactional, advisory and litigation work within the real estate sector. The firm’s traditional strength defending construction companies in litigation has been augmented by an increasingly vibrant transactional practice. As well as new money mandates, the firm’s strength in insolvency has seen the team handling work for clients such as BDO Partners, which it is advising on a potential default. Patrick Chantrain has wide-ranging real estate expertise, and Marc Kleyr is recommended for real estate restructuring work.

Headed by Véronique Hoffeld, Loyens & Loeff’s real estate team handles a range of acquisitions and disposals, funds work and financings. The team is also aided by a team advising on VAT and real estate transfer tax.

Headed by Michael Fritzsche, Luther’s real estate practice handles a range of work including handling transactions for real estate funds. For example, the practice represented SEB Asian Property II SICAV-FIS on the structuring of its fund. Other clients include Pramerica Real Estate International and NorthStar Realty Finance.

Molitor Avocats à la Cour advises banks, funds and developers across a broad range of real estate matters. Recent work includes advising an investment fund on the €13m acquisition of a high-end retail and office space development project in the south of the country. Laurent Fisch heads the team.

Wildgen, Partners in Law provides ‘a good level of service’ to a strong roster of real estate funds and investment companies. Recent work includes advising a developer on a €25m complex including villas, apartments and retail space in Russia.

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Legal Developments in Luxembourg

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  • Towards a stronger enforcement of competition law in Luxembourg from 1 February 2012

    Seeking to improve the efficiency of its Competition authority, the Grand Duchy of Luxembourg adopted last 23 October 2011 a new competition law.
    - Arendt & Medernach

  • Luxembourg Alternative Investment Funds

    Asset Classes - Hedge; Real Estate; Private Equity; Venture; Mezzanine; Infrastructure
    - Ogier

  • New Germany - Luxembourg double tax treaty signed

    On 23 April 2012, the Grand Duchy of Luxembourg and the Federal Republic of Germany signed a new double tax treaty (the "New Treaty") which will replace the double tax treaty currently in force dated 23 August 1958. The New Treaty basically follows the provisions of the OECD Model Tax Convention, but certain specific provisions have been added.
    - Arendt & Medernach

  • Tax Update April 2012

    Our April tax update highlights the latest important changes in Luxembourg tax law, including the enactment of the law relaxing the conditions to be met in order to benefit from the SPF tax status. Other topics include inter alia recent case law on the exemption of income deriving from the sale of preferential subscription rights and the first decisions of the Luxembourg administrative courts relating to the exchange of information upon request based on the law of 31 March 2010.
    - Arendt & Medernach

  • European Commission publishes AIFMD level 2 implementation proposals

    The European Commission’s proposals for level 2 implementation measures for the Alternative Investment Fund Managers Directive has been circulated to European Union member states and to the European Parliament. The Commission’s draft has prompted criticism from hedge fund managers quoted in media reports and from a hedge fund industry body, the Alternative Investment Management Association, that in certain areas its proposals differ significantly from those put forward by the European Securities and Markets Authority (Esma) in its advice delivered to the Commission on November 16.
    - Chevalier & Sciales

  • Luxembourg’s amended SIF law comes into force

    Luxembourg’s legislation amending the February 2007 law on Specialised Investment Funds came into force on April 1, following publication in the country’s official gazette, the Mémorial, on March 30. It is now identified as the law of March 26, 2012, the date on which it received royal assent.
    - Chevalier & Sciales

  • ESMA refines proposed framework to deal with complexity of ETFs and other Ucits

    The European Securities and Markets Authority has published on January 30 a consultation paper proposing future guidelines for exchange-traded funds established as Undertakings for Collective Investment in Transferable Securities and other issues related to the Ucits regime. The Esma proposals cover both physical ETFs, which replicate the performance of stock, bond, commodity, currency or other indices by holding shares or other securities in the proportions that make up the index in question, or a sample thereof, and synthetic ETFs, which use swap transactions to obtain the economic performance of the index, using a basket of securities as collateral.
    - Chevalier & Sciales

  • Publication of the new law on SIFs

    The law of 26 March 2012 amending the law of 13 February 2007 relating to specialised investment funds (“SIFs”) was published today in the Mémorial A-063 and will enter into force on 1 April 2012. 
    - Arendt & Medernach

  • ACCOUNTING ASPECTS

    I. Law of 10 December 2010 relating to the introduction of the International Financial Reporting Standards (IFRS) II. Grand-Ducal Regulation of 14 December 2011 relating to the procedure for filing financial information electronically with the Luxembourg Trade and Companies Register
    - MNKS (formerly Noble & Scheidecker)

  • ESMA launches discussion paper on AIFMD technical standards

    The European Securities and Markets Authority has published on February 23 a discussion paper on key concepts of the Alternative Investment Fund Managers Directive and types of alternative fund manager to initiate a consultation process aimed at finalising its policy approach.
    - Chevalier & Sciales

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