German insurance group Allianz has acquired an office project in Vienna for €500m.

The Icon Vienna, which includes three office towers with a combined 88,000sqm of floor space, was sold by Austrian developer Signa.

Allianz Real Estate bought the asset on behalf of several Allianz companies, including Allianz Lebensversicherungs and Austrian Allianz Elementar Versicherungs.

The three towers in Wiedner Gürtel, which are due to be completed in the second quarter of 2018, are close to the new central railway station in Vienna.

Allianz is expected to take ownership in the fourth quarter of 2018.

Allianz said Vienna was “in great demand as an office location”.

Annette Kröger, CEO of Allianz Real Estate Germany, said: “Following its completion, the Icon will become an architectural landmark.

“In addition to the inner city area, the market for offices located near the central station is the new office hotspot in Vienna.”