Union Investment acquires resi scheme in Vienna for €33m (AT)

Union Investment acquires resi scheme in Vienna (AT)

Union Investment has acquired the EHK 107 residential property in Vienna for €33m. The scheme, named for its location at 105-107 Erzherzog-Karl-Strasse in Vienna’s 22nd district, will offer some 9,700 m² of rental space. The vendor is the project developer, a subsidiary of the Vienna-based Haring Group. Completion of the residential and commercial property is scheduled for late 2019.

 

The property will compromise 8,000 m² of residential space and 1,700 m² of retail area on the ground floor, where local shopping facilities and a kindergarten are planned. EHK 107 will be divided into over 112 two-room and 31 three-room apartments, which will offer 47 m² and 65 m² of space respectively. The apartments will feature a high-quality fit-out with parquet flooring, underfloor heating and fitted kitchens. In addition, from the first floor upwards the apartments will have an outside area such as a loggia or a balcony. 

 

“After immofonds 1 acquired its first logistics property in 2017, we are now further broadening the spectrum of use types by adding residential properties in Austria and Germany,” said Dr Kurt Rossmüller, a member of the Management Board of Union Investment Real Estate Austria AG. “Further acquisitions in this segment are planned. We are considering existing properties and also development projects. The fund is very broadly diversified, covering offices, retail, hotels, medical centres, logistics and residential. When completed, EHK 107 will be a strong addition to the portfolio.”

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