CB Richard Ellis Investors shops in Vienna

CB Richard Ellis Investors has announced the acquisition of a property company holding a site in Vienna for an undisclosed amount. In a statement, CBRE Investors said it plans to build an office building on the site, which will provide a total area of around 41,300 m2, including 38,400 m² of office space.

The property is earmarked for CBRE's Strategic Partners Europe Fund III, a pan European fund managed by CBRE Investors which owns a portfolio of buildings located in the large metropolitan areas of Belgium, Germany, Italy, France and The Netherlands. The fund closed in 2007 after raising EUR 754mln of equity.

The newly acquired site is located in the Gasometer area of Vienna, 5 km southeast of the city centre. The company said it has been granted the building permit for the project, which was designed by architect firm Soyka Silber Soyka. The project is due to be delivered by the end of 2010. The seller was advised by LIDevelopment, while law firm Freshfields Bruckhaus Deringer acted for the buyer. Financing was provided by Bank für Tirol und Voralberg and real estate advice was provided by CBRE.

Last week, the fund acquired the 30,000 m² headquarters of 3M in the Affori area, in the Milan outskirts, and a plot of land in Ortica for a 12,000 m² office development project. In Italy, CB Richard Ellis Investors via the Strategic Partners Europe Fund II had previously acquired three office buildings and an adjacent plot of land sold by Edison and Consorzio Ca' Granda in the North of Milan.