On 11th of December 2013, BAWAG P.S.K. entered into a definitive agreement with the real estate group SIGNA Prime Selection AG for a sale and leaseback contract on the building located at Georg-Coch-Platz 2, in Vienna’s first district. This historical Austrian Postal Savings Bank building at Georg-Coch-Platz will continue to be the headquarters for BAWAG P.S.K.
“BAWAG P.S.K. is well on the way to becoming the leading retail bank in Austria. Like all banking institutions specializing in serving retail and corporate business customers in this challenged market, we must continue to review options on all assets owned by the Bank which are not part of our core banking activities. Accordingly, we made the decision to enter into a sale and leaseback contract on Georg-Coch-Platz 2 after a diligent review of the opportunity”, said BAWAG P.S.K.’s CEO Byron Haynes. “After negotiations with several parties we made a choice in favor of SIGNA Prime Selection AG, due to not only the economics of the transaction but this company’s record of respect of Vienna’s architectural heritage and its overall long term commitment to Vienna. This listed historical building of the former Austrian Postal Savings Bank is strictly protected, and thus it is ensured that the architectural integrity will be preserved for future generations by SIGNA.”
BAWAG P.S.K. will maintain its group headquarters at the Georg-Coch-Platz location under a long term lease agreement with the new owner. Under this long term lease contract, BAWAG P.S.K.’s rights and obligations for the use and care of the property remain the same in all material ways. It was agreed to keep the purchase price and other material terms confidential.
By purchasing this eight-story building of the Austrian Postal Savings Bank, which is considered as the key work of the modern age in Europe and one of the most famous art nouveau buildings in Vienna, SIGNA acquires one of the most important construction works of architect Otto Wagner. SIGNA Prime Selection AG continues its investing strategy to focus on the long term conservation of extraordinary properties in top locations of European cities by purchasing the Austrian Postal Savings building. SIGNA has become one of the major private property owners in Vienna. This listed building with the famous cash hall and the magnificent façade was erected between 1904-1906 and completely renovated in 2004-2005 – in good time before the 100th anniversary of this building.
Source: BAWAG PSK
