ArcelorMittal and Banque et Caisse d’Epargne de l’Etat Luxembourg sign Memorandum of Understanding for sale of Liberté building

November 14, 2014 - In presence of Xavier Bettel, Prime Minister of Luxembourg, Etienne Schneider, Vice Prime Minister, and Pierre Gramegna, Minister of Finance, ArcelorMittal and Banque et Caisse d’Epargne de l’Etat Luxembourg (BCEE) signed today a memorandum of understanding for the sale of ArcelorMittal’s historic headquarter building in avenue de la Liberté in Luxembourg. The signing ceremony took place at the premises of the headquarter of BCEE. This binding agreement with BCEE will enable a new future for the iconic building at the location known as Rousegäertchen.

Built in the 1920s, the building offers a unique opportunity for BCEE as it is very close to their current headquarters, located in place de Metz at the beginning of the avenue de la Liberté. Furthermore ArcelorMittal announces that it is considering to build a new multi-purpose landmark headquarters for the group in Luxembourg and is in talks with the government regarding a suitable location. The company is currently renting two office buildings in the city centre and Gasperich (Cloche d’Or). ‎

"We are happy to have found a buyer from Luxembourg, in Banque et Caisse d’Epargne de l’Etat Luxembourg, as this historic building should have pride of place in the nation’s economy and among its people. ArcelorMittal is very committed to Luxembourg and therefore we are now searching for a suitable site to build a new ‎headquarters to house our administrative population of more than 1,200 employees in the capital", says Lakshmi Mittal, CEO and President of ArcelorMittal.

Jean-Claude Finck, CEO of Banque et Caisse d’Epargne de l’Etat, emphasizes "the historic and symbolic depth of this transaction, which integrates within the patrimony of BCEE a landmark building of Luxembourg City and a unique symbol of Luxembourg’s industrial and economic history. BCEE thus takes a further step as a fundamental actor at the service of Luxembourg’s economy and society. BCEE intends to use the "Arbedsgebai" for its own purposes following appropriate renovation works."

The sale is expected to be complete over the next quarter.