CBRE Global Investors has bought an office tower for Korean clients in Vienna.

The investment manager bought the IZD Tower in the Austrian capital from a fund managed by Vienna-based Signa.

The 65,000sqm tower and adjacent six-storey building, in the office district of Donau City in Vienna, is 94% let.

CBRE GI said the 39-storey asset had an average 10 years left on its leases.

The deal is the largest for two years in Austria, which has recently attracted overseas capital. 

Allianz Real Estate last year returned to the Viennese office market, buying the ‘Haus an der Wien’ office building for €94m ($104m).

Morgan Stanley Real Estate Investing (MSREI) last year bought the Wien Mitte building for a consortium for an undisclosed price. 

The complex includes a 33,000sqm shopping centre and 62,000sqm of office space.

Klaus Kortebein, managing director of global key accounts at CBRE Global Investors, said its clients were looking increasingly for global diversification.

“As Vienna is the second-largest German-speaking city globally, it continues to be an important business hub with attractive pricing/risk premiums,” Kortebein said, adding that the tower was an exceptional core property investment with a stable and well-diversified income source.

CBRE GI last year bought two office assets in the US for Korea Post.

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