Listed Austrian group ECO Business-Immobilien has sold an office property in the centre of Vienna to a private investor for slightly more than EUR 100 mln. Austrian bank BAWAG occupies the building which is located at Fleischmarkt 1, 3-5 in the city.
Listed Austrian group ECO Business-Immobilien has sold an office property in the centre of Vienna to a private investor for slightly more than EUR 100 mln. Austrian bank BAWAG occupies the building which is located at Fleischmarkt 1, 3-5 in the city.
The property comprises more than 18,000 m2 of office space as well as indoor parking for 30 cars. ECO acquired the property at the end of 2007 as part of the BAWAG portfolio. The buyer is a well-known, private property investor with a strong capital base.
The transaction was concluded below the original purchase price because of the current market. However, the company said the deal allowed it to generate additional liquidity, strengthening its financial base to meet the continuing market downturn and significantly improve the group's equity ratio.
'Our top priority for this spectacular transaction was not the direct return on an individual property, but the protection of long-term liquidity and the improvement of our equity structure', CEO Friedrich Scheck said.
