Allianz Real Estate France said on Tuesday that it has provided a €154 mln loan to finance the purchase of the IZD Tower, a high-rise office building in Vienna.
The building was acquired by CBRE Global Investors for a Korean separate account client believed to be Korea Post, South Korea's postal service, and Koramco Asset Management Company.
The purchase price for the 142-metre office building was not disclosed, but is understood to be in the region of €260 mln. The vendor, Signa Holding, paid more than €200 mln for the asset in 2010, Austrian media reported.
The loan is for a period of over 10 years and has a fixed rate.
Built in 2001, and recently renovated and almost fully let, IZD Tower totals around 65,000 m2 spread over 39 floors. The asset is located in the central business district of Donau City in Vienna. Tenants include government agencies, international companies and the United Nations European Campus.
'This transaction is an opportunity for Allianz Real Estate to close a second financing deal in Austria and to further diversify the investment portfolio geographically,' commented Carole Tran Van Lieu, head of Debt Team in Paris .
DLA Piper advised the lender and Doralt Seist Csoklich (DSC) supported the borrowers.
