Invesco Real Estate acquired a 27,500m2 freehold site in Bruck an der Leitha (Bruck), Austria. The acquisition has been completed by Invesco Real Estate Europe Fund III – SCSp (Europe III), the third European value-add strategy in succession for the firm.
The Bruck site, located 30km east of Vienna, will ultimately host a 15,000m2 Grade A logistics facility comprising three independent units. Set to be completed in the second half of 2025, the property is being developed in partnership with Propel Industrial, a Vienna-based specialist in the creation of prime logistics assets.
The new property will target the highest sustainability standards and a minimum OGNI Gold certification, the Austrian equivalent to the German DGNB. It will utilise a sustainable heating system, extensive solar panelling, smart metering, and highly efficient LED lighting.
The plot of land is located on the major A4 motorway, part of two Trans-European Transport Network Corridors and the main connection between Vienna and Bratislava. The location benefits from close proximity to Vienna International Airport (accessible within 10 driving minutes) and the Vienna conurbation. The Vienna logistics market has one of the lowest vacancy rates in Europe.
Felix Richter, Co-Head of Transactions Germany & Austria, Invesco Real Estate, said: “We are excited to kick off our second logistics development in Austria within a short time and to further expand our footprint in Austria, a market with excellent logistic performance indicators. Similar to our project in Traiskirchen in the south of Vienna, we will develop this project in Bruck an der Leitha together with local logistics expert Propel Industrial. We plan to continue our mutually beneficial partnership, as local expertise is a key element for the success of these projects.”
Armen Gevorkian, CEO at Propel Industrial said: “We have a strong conviction for the Vienna Logistics market and combine our local expertise with the Invesco Real Estate capabilities to further grow our exposure and cadence within the sector. We are preparing further acquisitions within this partnership, which strategically will be across high-in-fill locations and crucial logistics areas in Austria and Germany. We are delighted to be working with the team at Invesco Real Estate as it fulfils a need among all stakeholders for high-quality logistics assets.”
Kevin Grundy, Managing Director – Fund Management, Europe, Invesco Real Estate, said: “By closely aligning with multiple best-in-class partners across strategic investment themes early in the life of Europe III, we are providing investors with access to pipeline and specialist expertise that will create value throughout the life of the fund. Propel Industrial exemplifies this approach in the Austrian and German ESG-led logistics space. The Bruck investment is just the beginning of a pipeline of future-proofed logistics facilities that we will be creating together for Europe III.”
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