German investor Commerz Real said on Tuesday that it has acquired two office developments at the TownTown urban development project in Eastern Vienna for EUR 98mln. The buildings are scheduled for completion during the first half of 2010. In a statement, Commerz Real said that negotiations with prospective tenants are under way and that the assets will be transferred to its 'hausInvest europa' open-ended fund as soon as 75% of the space is let out.
German investor Commerz Real said on Tuesday that it has acquired two office developments at the TownTown urban development project in Eastern Vienna for EUR 98mln. The buildings are scheduled for completion during the first half of 2010. In a statement, Commerz Real said that negotiations with prospective tenants are under way and that the assets will be transferred to its 'hausInvest europa' open-ended fund as soon as 75% of the space is let out.
The two properties, with a combined gross lettable floor area of about 30,000 m2, were developed and sold by a project company formed jointly by Immobiliendevelopment Wiener Stadtwerke BMG, a public project development company, and the Soravia private firm.
'The high demand for floor space encouraged us to expand our TownTown commitment that started in the fall of 2007,' said Hans-Joachim Kühl, board member of Commerz Real in charge of real estate acquisitions. 'We are pleased to be able to make an even bigger contribution to this important urban development project.'
In October last year, Commerz Real acquired six office properties in the TownTown development for EUR 97mln. TownTown includes a total of 21 office buildings with a total floor space of 130,000 m2. Tenants will mainly be municipal authorities and institutions.
