Union Investment Real Estate GmbH continues to invest actively in the European core markets, with the real estate property management company acquiring the fully let Euro Plaza 4 office building for its UniImmo: Deutschland open-ended real estate fund.
The purchase price is 150 million. The vendor is Austrian firm Kapsch Immobilien GmbH, which was represented by Strauss & Partner Development GmbH. CBRE GmbH advised Union Investment on the deal.
Completed in 2008 and consisting of a five-storey section and an eight-storey section, the building offers some 48,500 m² of rental space let on long-term leases to 24 financially sound tenants, including Kapsch TrafficCom, Coca-Cola, Merck Sharp & Dohme, Nestlé and Boehringer Ingelheim.
"In addition to the highly diversified tenant structure, the new build's high quality and strong location in one of Europe's most stable core markets are compelling features," says Volker Noack, Member of the Management Board of Hamburg-based Union Investment Real Estate GmbH.
The property received DGNB Gold certification for its sustainable construction and is located in the established Wienerberg office submarket south of Vienna city centre. It boasts 520 car parking spaces. The building is the fourth phase of the fully-let Euro Plaza office park being developed by Kapsch which currently has a gross floor area of 156,000 m².
Users identify strongly with the micro-location, not least due to the dedicated on-site management team. An underground station served by line U6 is situated just outside the building and offers access to the city centre in less than ten minutes. The site also has links to the A23 and A2 motorways.
Including this latest acquisition, Union Investment's open-ended real estate funds currently hold real estate assets worth around 400 million in Vienna.
Source: Union Investment