Union Investment has sold an office building in Vienna's 7th district to Thalhof Immobilien GmbH. The property at Schottenfeldgasse 29 has been part of the portfolio of immofonds 1, an open-ended real estate fund distributed exclusively in Austria, since 2013. The parties have agreed not to disclose the purchase price.
"We took the opportunity to sell because the size of the property in particular no longer fits the fund's current strategy. In order to further strengthen the resilience of our high-quality portfolio, we are currently focusing on medium-sized buildings across all asset classes," said Alejandro Obermeyer, Head of Investment Management DACH at Union Investment.
The office building is in the central location and has a lettable area of c, 7,100m2. Thalhof Immobilien GmbH will continue to develop the building over the next few years in line with sustainability criteria. One of the first measures planned is the installation of a photovoltaic system on the roof.
The transaction was brokered by ZOECHLING RE. Union Investment was represented by Schonherr Rechtsanwalte and the buyer by Tiefenthaler Gnesda Rechtsanwalte.
Image source - Union Investment.
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