IMMOFINANZ Group has sold the office and retail property located at Simmeringer Hauptstrasse 47-49 in the 11th district of Vienna to HIH Global Invest GmbH for 29.2 million.
"The three major revenue-generators for the IMMOFINANZ Group are the management, development and realization of properties. Our goal is to raise the fair value of the assets in our portfolio through professional management and to subsequently realize this value increase through a sale.
"The asset in Simmeringer Hauptstrasse is a perfect example of this successful strategy. Our next step will be to reinvest the proceeds in top-quality properties," commented Manfred Wiltschnigg, Member of the Executive Board of the IMMOFINANZ Group, on this transaction.
Good location and long-term leases as key factors
The office and retail building at Simmeringer Hauptstrasse 47-49 has nearly 13,000 m² of rentable space and 117 spaces in a two-story underground garage. The asset is fully rented through long-term leases.
The main office tenant is bbrz reha GmbH, while the retail areas are leased to Billa, Bipa and the Humana organization for aid to developing countries. The property is located in the center of Simmering, can be easily reached by public transportation and offers ideal connections to the main traffic arteries in the south of Vienna.
"In the interests of our private and institutional investors, we are always looking for suitable investment properties at good locations with high-quality tenants and long-term leases. The purchase of the office and retail property in Simmeringer Hauptstrasse meets our investors' goals for higher quality assets and secure, long-term cash flows.
"However, this first acquisition in Vienna also reflects the continuous implementation of our international acquisition and diversification strategy," explained Andreas Schultz, Managing Director of HIH Global Invest GmbH, on the reasons for this transaction.
Source: ACCEDO Austria GmbH