Engel & Völkers sells Schengen Castle for 11 million euros
Hamburg, 24 February 2016. Engel & Völkers Limpertsberg has brokered Schengen Castle in Luxembourg for 11 million euros. The estate affords approx. 5,000 square metres of living space. It is located at the convergence of Luxembourg, Germany and France, with some 1.3 hectares of land.
The origins of this historic estate go back as far as 1390. The Schengen Castle itself was largely destroyed in 1812, with only the tower remaining intact. The heritage property was then rebuilt using the original materials. A famous guest to grace this castle was the French writer Victor Hugo, who even made a drawing of the tower in 1871.
Deal closed under special circumstances
The Schengen Castle has been owned by a religious order in Luxembourg since 1939. Approval therefore had to be granted from the highest level of the Church – the Vatican itself – before the brokerage contract could be assigned and the sale contract closed. Moreover, it also had to be authorised by the Archbishop of Luxembourg, the town council of Luxembourg City and the Luxembourg Interior Minister. “The circumstances of this sale were unusual even for us, and we are very happy that both the seller and buyer were so satisfied with the final outcome,” said Eric De Prince, Managing Partner of Engel & Völkers in Luxembourg.
The buyer of the estate is the global company Regus, which rents out office and conference facilities worldwide. It had long been looking for an international training centre in Luxembourg, and the castle’s location at the conjunction of three countries was a decisive factor in the sale. Equally important was the historic symbolism of the town of
Schengen. It was here that, in 1985, France, Germany and the Benelux nations signed the so called Schengen Agreement.