Swiss investor Corestate Capital is joining forces with Austrian partner Soravia Group to develop four high-rise buildings in Vienna representing a total investment volume of €432 mln.
Swiss investor Corestate Capital is joining forces with Austrian partner Soravia Group to develop four high-rise buildings in Vienna representing a total investment volume of €432 mln.
Plans are to realise two distinct ensembles offering a total of 1,350 apartments as well as office and commercial units. The complex will also include concierge services, preschools, gyms and roof-top gardens.
One of the buildings will reach a height of 150 metres, making it the highest tower block in Europe's German-speaking countries, Corestate said in a statement.
'Due to the high share of flats that are either in need of refurbishment or just old, and due moreover to the rise in incoming migration to Vienna, there is an enormous demand in the city for new and modern housing accommodation,' said Thomas Landschreiber, Chief Investment Officer of Corestate Capital.
He added: 'The high number of apartments already reserved at both projects ahead of the start of construction suggests as much. These property developments reflect our focus on unique investment situations that promise attractive rates of return across Europe.'