Allianz Real Estate, the property arm of the German insurer, has purchased an office scheme in Vienna from Signa Development Selection for a price in excess of €500 mln.
The asset, dubbed 'The Icon Vienna', has been acquired for several Allianz companies, including Allianz Lebensversicherungs and Austrian Allianz Elementar Versicherungs. It comprises three office towers located directly at Wiedner Gürtel.
'Following its completion, the Icon will become an architectural landmark,' commented Annette Kröger, CEO of Allianz Real Estate Germany. 'In addition to the inner city area, the market for offices located near the central station is the new office hotspot in Vienna.'
The project's towers have direct access to the main hall of the railway station with connections to the underground and suburban railway networks in Vienna, as well as to long-distance services. The total floor space amounts to 88,000 m2 and the target completion is the second quarter of 2018.
Allianz is expected to assume ownership in the 4th quarter of 2018.
The buyer was advised by CMS, EHL and Galleon Capital during the transaction.
