Global property investor Invesco Real Estate has acquired a 45,000 m2 freehold site in Traiskirchen, Austria through Invesco’s European Value Add Fund II (EVAF II).
Financial details were not disclosed.
An existing property on the Tribuswinkel site, located 20 km south of Vienna, has been demolished to make way for a 31,000 m2 Grade A logistics facility comprising four independent units.
Set to complete in Q3 2024, the site is being developed in conjunction with Propel Industrial, a Vienna-based developer which specialises in the development of logistics assets.
Felix Richter, co-head of transactions Germany & Austria, Invesco Real Estate, said: 'Prime European logistics assets continue to offer strong value for investors, with this development in Traiskirchen a perfect example of a much-needed, well-located facility in a surprisingly underserved European market.
'We have already received interest from tenants for this project and are confident we will pre-let prior to completion of its construction.'
The new building will target the highest sustainability standards and a minimum ÖGNI Gold certification, the Austrian equivalent to the German DGNB. It will utilise a heat pump heating system, extensive solar panels on the roof, smart metering, and highly efficient LED lighting.
Located on the major A2 motorway, the main connection between Vienna and Graz, the two biggest cities in Austria, the Tribuswinkel site is also less than one hour from Bratislava, the capital of Slovakia.
Vienna, one of the wealthiest areas within the European Union and responsible for around 25% of Austria’s GDP, remains underserved by modern industrial assets, according to Invesco.
Armen Gevorkian from Propel Industrial said: 'There is a limited number of suitable sites around the Vienna area and the demand for state-of-the-art assets will increase over the coming years. We are delighted to be working with the team at Invesco Real Estate as it fulfils a need among all stakeholders for high-quality logistics assets.'
