Bayerische Versorgungskammer (BVK) has invested in an Austrian office tower through CBRE Global Investors and Universal-Investment.
The German pension fund for self-employed professionals bought the office tower in Vienna – its first deal in Austria through the mandate.
A private limited company sold the STAFA retail and hotel building, a 12,600sqm asset including 6,300sqm of hotel space and three retail units.
The deal marks the eighth investment CBRE Global Investors and Universal-Investment have made for BVK globally in this fund and the first in Austria.
Harald Flöer, director of portfolio management at CBRE Global Investors, said the tower was a high-quality building that was “quickly gaining landmark status due to its contemporary design”.
He added: “Its location in Vienna is one we expect to benefit from further yield compression.
“The asset has strong stable income from the long-term commitment of recognised retail tenants and houses a successful hotel.”