Immofinanz AG has sold Silk 7, a modern office building in Vienna, Austria. Silk 7 is located in Seidengasse in Vienna's 7th district. The usable space totals 10,350 m² and 100% of the property is let to renowned companies and public authorities.
The buyer is a real estate fund of German property fund company Deka Immobilien Investment GmbH. Confidentiality has been agreed concerning the purchase price, but it exceeds the appraisal value with which the property was listed in the Immofinanz books. The closing of the transaction took place on Friday, 31st October 2008.
Silk 7 is located on the premises of the former Kurier building, which was acquired by Immofinanz in October 2005. The new property was completed in November 2006. Of the total usable space offices account for approx. 6,800 m², retail space for just under 1,000 m² and storage facilities and garages for the remainder.
"Good properties are also being sought in the current economic situation and it appears the pricing situation on the Vienna office market is stable," says Immofinanz speaker of the board Thomas Kleibl. "Although the current financial market crisis is slowing down talks, the long-term revenues from rented properties are now particularly attractive for investors."