Tishman Speyer Investment Management (TSIM) has bought a residential tower in Austria’s capital for German insurance group Versicherungskammer.

The fund manager said it bought the Wohnturm 2 residential tower in a project in Vienna’s Schweizergarten park from Signa Development Selection, a subsidiary of the Signa Group.

Financial details were undisclosed.

The building comprises 209 residential units with 16,840sqm of residential, 458sqm of commercial space and 110 underground parking spaces.

Signa will complete the project by the end of 2020.

Nils Skornicka, managing director of TSIM: “We are purposely investing in trophy assets in prime locations and with long-term life cycles and prospects.”

Skornicka said the project is very well connected, with good transport links thanks to the proximity to Vienna main station and the Ringstrasse ring road.

Christoph Stadlhuber, member of the executive board of Signa Development Selection, said: “Tishman Speyer and Versicherungskammer are among the growing number of international investors that we have been able to impress with our high-quality project in Vienna.”

Bernd Wegener, head of real estate at Versicherungskammer, said: “After acquiring the office building Bürohaus an der Alten Oper in Frankfurt, this purchase is TSIM’s second transaction with Versicherungskammer in a short space of time.

“It is a successful and logical next step in the chosen strategy.”

Frank Schäfer, managing director of TSIM, said: “With this transaction, we are further expanding our investment management platform and tapping into the new markets of Austria and the residential sector.”