Austrian savings bank Bawag has closed a major saleand-leaseback transaction with Signa Prime Selection on its Postsparkasse historic corporate headquarters in Vienna's first district.
Austrian savings bank Bawag has closed a major saleand-leaseback transaction with Signa Prime Selection on its Postsparkasse historic corporate headquarters in Vienna's first district.
Financial details were not disclosed. However, the asset is estimated to be worth some €150 mln.
'Like all banking institutions specialising in serving retail and corporate business customers in this challenged market, we must continue to review options on all assets owned by the bank which are not part of our core banking activities,' commented Bawag's CEO Byron Haynes. 'After negotiations with several parties we made a choice in favour of Signa.'
Bawag will maintain its group headquarters at the Georg-Coch-Platz location under a long term lease agreement with the new owner. The listed building was erected between 1904-1906 and completely renovated in 2004-2005 - in good time before the 100th anniversary of this building.
'Signa expands its prime portfolio of first class properties by the purchase contract of this architectural jewel in one of the best locations of Vienna's center,' added Christoph Stadlhuber, CEO of Signa Prime Selection.
Signa owns a portfolio of around €6 bn. The group mainly comprises four core business areas: in addition to Signa Development, channelling all development activities, it includes the Dusseldorf-based closed-end fund house Signa Property Funds and the Munich-based investment boutique Signa Recap. Signa Prime Selection focuses on investment in exceptional properties in prime downtown locations in European cities.
In the past two years Signa has acquired a portfolio of 20 department stores in city centre locations in Germany worth €1.5 bn, all of them anchored by Karstadt.
