German insurer DEVK has invested in a core office asset through a Corpus Sireo fund.

DEREIF, a Luxembourg-based real estate fund in which DEVK is invested, has bought Nordbahnstraße 50 in Vienna Leopoldstadt.

Austrian Rail, Österreichische Bundesbahn (ÖBB), has a long-lease on the asset, which was once a hotel and refurbished in 2008.

The 15,570 sqm property, sold for an undisclosed price by Bank Austria Real Invest, is the twelfth that Corpus Sireo has bought for the core/core-plus DEREIF fund, set up in 2012.

Corpus Sireo has invested €475m in seven European cities for the fund.

It plans to invest in the Iberian real estate market for DEREIF, with investments in individual properties worth €20m-60m.

The target volume of DEREIF is €500m, rising to €800m with a second tranche.

The fund invests in office properties with retail space up to 30% in central, inner-city locations in major European cities.

Properties have so far been bought in London, Paris, Brussels and Stockholm.

The fund primarily holds trophy assets, such as the office triangle 10 St Bride Street in London or the Lloyd George office complex in Brussels.

Corpus Sireo said the fund had been generating reliable and “constantly rising” rental income, and enjoyed a stable cost structure.

It added that the dividend distribution and market value development of the portfolio were proceeding according to plan.