Warburg-HIH Invest has acquired an office property in Vienna in the form of a club deal on behalf of single mandates by two institutional German investors. The property was sold by STRABAG Real Estate Austria. The multi-tenant asset, which includes a retail component, is located in the 19th district (Dobling) in the northern part of Vienna and has a total lettable area of around 31,450m². Completed in 2018, the property currently shows an occupancy rate of 91%. Its office tenants include the globally operating Zurich insurance group, the AOP Orphan pharmaceutical company, and Spaces, a provider of flexible workplace solutions. Retail and gastronomy units take up about 5% of the lettable area. The property also benefits from a parking facility for 354 vehicles. Warburg-HIH Invest acquired the property via a share deal. It was agreed not to disclose the selling price.
Matthias Brodesser, Head of Transaction Management International at Warburg-HIH Invest, said: “Vienna’s office market has proven stable and crisis-resistant. Since the inner-city districts report a vacancy rate below 2%, which is virtually synonymous with full occupancy, northern Vienna has gained in attractiveness. With its convenient transport links, the site is equally attractive to established businesses, start-up companies, and educational and research institutions. Vienna’s office market has so far remained undaunted by the pandemic: In 2020, it registered the second-highest office net absorption anywhere in Europe.”
“STRABAG Real Estate became aware of the site’s potential early on and paved the way for this strategically important business park. Square One is a showcase project with environmental, economic and socio-cultural value-added. We are delighted that the Austrian Sustainable Building Council (OGNI) awarded our project the DGNB Certificate in the Platinum category,” said Erwin Gross, Managing Director of STRABAG Real Estate Austria.
“With its modern flexible-use units of 250 to 5,000m² that can easily be customised to meet bespoke requirements of tenant leads, Square One accommodates any modern type of office,” added Sebastian Pende, Head of Branch Vienna at Warburg-HIH Invest Austria. The retail units (including a Billa supermarket, a Raiffeisenbank bank branch, and two food outlets) supplement the use concept by adding complementary functions to the site. STRABAG Real Estate has found a very reliable and strategically important partner for future deals in Warburg-HIH Invest. So, we very much look forward to our future collaboration,” said Erol Milo, Head of the Commercial Real Estate Division at STRABAG Real Estate Austria.