ARE Austrian Real Estate has acquired the InnoPlaza office property in Vienna from BNP Paribas REIM Germany acting on behalf of its NEIF II fund
The value of the deal was not disclosed by the two parties but is said to be around the €70 mln mark.
Built in 2019, the LEED Platinum certified office complex is located on Lehrbachgasse, in the Wienerberg business district, and offers 18,200 m2 of Class A office space.
Currently leased to several large companies and two public sectgor tenants, the property has an average remaining lease term of nearly seven years.
Already offering excellent accessibility, the site will see the addition of another underground line in the coming years.
Isabella Chacon Troidi, CEO of BNP Paribas REIM Germany, said: ‘The building was designed right from the start with sustainability aspects in mind and combines high-end office space with a good and growing micro-location. The InnoPlaza sale reconfirms our conviction that demand for assets with excellent ESG record remains very high despite recent market developments. We were able to improve the building’s carbon footprint and quality through comprehensive asset management and turn it into a future-proof investment that will continue to grow in value going forward.’
Lukas Schwarz, head of capital markets at CBRE, commented: ‘The InnoPlaza transaction is further proof that modern, sustainable office buildings situated in an established office location and let to strong-covenant tenants are proving resilient to the current challenging market conditions. We are pleased to be part of this transaction and would like to express our thanks for the excellent cooperation and the confidence of our partners.’
The transaction was brokered by CBRE and OTTO Immobilien, exclusive partner of Knight Frank in Austria.
The deal comes at a time when the Vienna office market is experiencing high demand for modern space, after years of sluggish development.
