Commerz Real Capital Management has invested an undisclosed amount to buy a residential development complex in Austria’s capital from S+B Gruppe and i Live Group.
The manager said it has acquired the 378 serviced apartments for the Commerz Real Institutional Smart Living Europe Fund. The Viehmarktgasse 4 building is located in Vienna’s Landstrasse district in the Sankt Marx quarter.
Micro-living specialist i Live will manage the eleven-storey residential building under the new Rioca by i Live brand following the completion of the development which is expected to be in the third quarter of the year.
The open-ended fund targets student accommodation and micro-apartment complexes in European metropolises and university cities on behalf of professional and semi-professional investors.
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