Cushman & Wakefield and Austrian agent Bareal Immobilientreuhand (BAR) have been exclusively mandated to sell Wien Mitte, the largest state-of-the-art shopping centre and office complex in Vienna.
Cushman & Wakefield and Austrian agent Bareal Immobilientreuhand (BAR) have been exclusively mandated to sell Wien Mitte, the largest state-of-the-art shopping centre and office complex in Vienna.
The 95,100 m2 centre, developed between 2007 and 2014, is expected to fetch over €500 mln. The scheme is owned by Unicredit Bank Austria which took full control in July this year.
Bank Austria funded the development of the complex in a 50-50 joint venture with BAI Bauträger Austria Immobilien. Completed earlier this year, the project entailed an investment of around €480 mln.
The scheme is located in the central business district at the top of Landstraßer Hauptstraße and provides office space, a shopping mall and a substantial food court area arranged around the Wien Mitte station, used by 150,000 daily commuters.
Key retail tenants include H&M, New Yorker, Media Markt and Muller, while the office accommodation is let to the ministry of finance, Mondi Ag and the Vienna Tourist Board.
Cushman & Wakefield’s head of EMEA retail investment, Michael Rodda, said: 'Wien Mitte offers a lively shopping environment and is an established social meeting point in Vienna. This mandate marks a new collaboration between Cushman & Wakefield and BAR.'