HIH Invest has added a 7,170sqm office and retail building in Austria to an institutional investor’s fund portfolio.
The fund manager has invested an unspecified sum to acquire the seven-storey building at Aspernbrückengasse 2 in Vienna’s second district from a subsidiary of Thalhof Immobilien.
The property, built in 1993, is fully let and comprises 6,500sqm of office space, 450sqm of catering space and 120sqm of retail space and 100sqm of storage space.
Felix Meyen, managing director of HIH Invest, said: “With this acquisition in a central Vienna location, we are securing a high-quality core asset with development potential for our investor, while further advancing our strategy in the Austrian market.
“The combination of an excellent micro-location, a flexible floor plan and comparatively moderate rent levels creates a sustainable income base and opens up further potential for value appreciation.”
Sebastian Pende, head of the Vienna branch at HIH Invest, said: “Vienna is one of the most stable office property markets in Europe and offers potential for future rent increases in central locations, partly due to its comparatively moderate rent levels.
“High economic resilience, a strong international corporate presence and consistently strong demand for modern office space in central locations make the city particularly attractive to institutional investors. The area around Aspernbrückengasse and Praterstraße, in particular, has seen particularly strong development momentum in recent years.”
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