Invesco Real Estate acquired a 45,000m2 freehold site in Traiskirchen, Austria. The acquisition has been completed by Invesco’s European Value Add Fund II (EVAF II).
The Tribuswinkel site, located 20km south of Vienna, did previously host an existing property which has been demolished and will be replaced by a c.31,000m2 Grade A logistics facility comprised of four independent units. Set to complete in Q3 2024, the site is being developed in conjunction with Propel Industrial, a Vienna-based developer which specialises in the development of prime logistics assets.
The new building will target the highest sustainability standards and a minimum OGNI Gold certification, the Austrian equivalent to the German DGNB. It will utilise a heat pump heating system, extensive solar panels on the roof, smart metering, and highly efficient LED lighting.
Located on the major A2 motorway, the main connection between Vienna and Graz, the two biggest cities in Austria, the Tribuswinkel site is also less than one hour from Bratislava, the capital of Slovakia.
Felix Richter, Co-Head of Transactions Germany & Austria, Invesco Real Estate, said: “Prime European logistics assets continue to offer strong value for investors, with this development in Traiskirchen a perfect example of a much-needed, well-located facility in a surprisingly underserved European market. We have already received interest from tenants for this project and are confident we will pre-let prior to completion of its construction.”
Armen Gevorkian from Propel Industrial said: “There is a limited number of suitable sites around the Vienna area and the demand for state-of-the-art assets will increase over the coming years. 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.”
Image source - Pexels.
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