Leasinvest Real Estate acquired two retail parks near the largest shopping complex in Austria, Shopping City Sud. The retail scheme comprises 330 shops spread over 235,000m² and has a footfall of approximately 20 million visitors a year. Locates in Vosendorf in the South of Vienna, the asset enjoys easy access by private and public transport as it serves about 1,080,000 inhabitants. These acquisitions represent an investment of €71.8m and are in line with the valuation of the independent real estate expert.
The acquired retail parks include:
- SCS Nordring 2-10, which totals 14,800m² and benefits from 278 parking spaces. The current tenants include Conrad Electronic, TK Maxx, Swiss Sense, Brendon/Betten Reiter (in 2020), Fit-One, Art-X, Kinderspielwelt;
- Pittarello Nordring 16, with a surface area of 11,350m², 202 parking spaces and tenants such as Lidl, Pittarello, Action, Bipa and Farben-Partner. Both retail parks are fully leased and generate an annual rental income of circa €4m
Michel Van Geyte, CEO, commented: “Leasinvest is very happy to have realized this excellent investment in a challenging market with limited offer. With this acquisition, Leasinvest strengthens its position in Austria, and more specifically around Vienna, for years voted the best city to live in. Despite the growth of e-commerce, both the turnover and retail space per capita in Austria are among the highest in Europe, moreover sustained by the expected population and income growth over the next five years.”
