Germany's Garbe Industrial Real Estate has acquired two logistics assets in Vienna on behalf of an institutional investor.
Financial details were not disclosed.
The properties, which have a combined plot size of 103,000 m2, consist of two warehouses plus two smaller office buildings.
The lettable area of the assets, which are located on Warneckestrasse in Simmering, the 11th district of Vienna, add up to around 47,000 m2 overall, with logistics facilities accounting for about 40,000 m2 of the space.
The principal tenants are the Austrian logistics firms Q-Logistics and Quehenberger, on agreements with a weighted average unexpired lease term of 6.6 years.
Jan Philipp Daun, head of investment management at Garbe, said: 'Vienna is Austria’s most important logistics cluster. At the moment, keen demand for logistics facilities coincides with short supply.
'This implies upside potential for further rent hikes. Accordingly, we consider Vienna’s logistics market to be very interesting in general.'
Both properties were acquired within the framework of an asset deal and are located inside a trading estate. One of the plots is the only site of its size in the area surrounding the ports that is not encumbered with a building lease, ground lease or structural easement.
Deal consultancy was provided by off-market estate agent Motherland, while the law firm Wolf Theiss acted as legal adviser.
