A real estate fund managed by Blue Colibri Capital has paid an undisclosed amount to buy an office property in Austria’s capital from Warburg-HIH Invest Real Estate.
Announcing the deal, Warburg-HIH Invest said it has sold the eight-storey office building at Brehmstrasse 14 in Vienna in form of a share deal to the Blue Colibri managed fund.
Warburg-HIH Invest acquired the asset in December 2015
The building, which was built in 2002, provides a gross lettable area of about 13,830sqm and 147 underground parking spots.
The main tenant is the federal government of Austria with its Ministry of Finance.
Jana Wetzel, real estate manager at Warburg-HIH Invest Austria, said: “The asset strategy succeeded in securing long-term rental upside potential.
“The above-average length of the lease terms reflects the demand for efficient office accommodation in this sub-market.”
Matthias Brodesser, head of transaction management international at Warburg-HIH Invest, said: “At the end of the past year, we made the strategic decision to sell because we saw an opportunity to achieve significant appreciation compared to our total investment costs at the time of the acquisition in late 2015.
“Notwithstanding this disposal, we intend to add further commercial real estate properties to our existing portfolio in Austria in the future.”
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