Union Investment is seeking to benefit from the stability of the Viennese office market. The company recently agreed the acquisition of another new build in the Austrian capital, the Green Worx office property, which offers 16,277 m² of rental space.
Completed in 2013, the property will join the portfolio of open-ended real estate fund Unilmmo: Deutschland. The purchase price is around €50 mln. The vendors are S+B Gruppe AG and Raiffeisen Holding, from whom Union Investment purchased the ibis & ibis budget Wien Messe complex in March for one of its institutional funds.
Consisting of four separate buildings, Green Worx is located close to the ibis complex in the established Lassallestrasse sub-market in the heart of Vienna. The location benefits from its proximity to the city centre and Prater park, the city's most important recreational area, while also having good transport links to the airport.
The remodelling of Praterstern, one of Vienna's main railway stations, has significantly enhanced the district, as reflected in the decision of Bank Austria to relocate its headquarters to the area.
Source: Union Investment