Warbug-HIH Invest Real Estate GmbH has acquired the Citygate shopping centre in Vienna in the fast-growing 21st district. The shopping centre opened in February 2015, within the framework of an asset deal.
The shopping centre is a part of a larger concept that includes around 1,165 homes and condominiums, its own kindergarten, parks and recreation areas. It has a lettable area of approx. 17,900m² along with 735 car parking spots inside an in-house underground car park. Situated directly above the Aderklaaerstraße U1 subway station providing excellent links to downtown Vienna.
The property is anchored by grocery retailer Interspar, one of Austria’s leading supermarket chains. Other tenants include Cyberport and New Yorker as well as an extensive range of food outlets, forming a well-balanced mix of sectors and tenants. Current occupancy is close to 97%.
“With its great location concept and with above-average demographic growth anticipated not just in the metro area of Vienna but specifically in the scheme's vicinity, the Citygate shopping centre represents an attractive investment opportunity for medium- and long-term investors like Warburg-HIH Invest.” Andreas Schultz, managing director at Warburg-HIH Invest Invest and in charge of the transaction management international division.
Legal counsel to Warburg-HIH Invest was provided by the law firm Bock Fuchs Nonhoff Rechtsanwälte OG in Vienna. The transaction was brokered by Dr. Georg Formanek GmbH, which is also based in Vienna.
