French private equity group LFPI's FLE unit has acquired the Pier 50 office scheme in Vienna from German asset manager KGAL for an undisclosed price.
French private equity group LFPI's FLE unit has acquired the Pier 50 office scheme in Vienna from German asset manager KGAL for an undisclosed price.
The transaction was structured as a share deal with one of KGAL's institutional real estate funds selling the company owning the asset, a six-storey office building located on the Danube canal near central Vienna.
The property was acquired in 2006 and provides 22,000 m2 of floor space and 466 parking spaces. Tenants include companies such as AMS (Employment Service Vienna), Hofer, the Federal Environment Agency, ÖVW Bauträger and SOS Children's Villages.