Independent investment and asset manager KGAL has acquired the ViE office building in the Austrian capital from CA Immobilien Anlagen for one of its property funds.
The DGNB-certified office property, with a total rental area of 14,100 m2, was developed by CA Immo and completed in 2018.
The building in central Vienna is fully let with established tenants, according to KGAL. ‘The vacancy rate in Vienna is at a record low of around 3.5%. Centrally located, certified and high-quality office properties are highly sought after, and the ViE is a perfect example of one of them,’ said Christian Schlüter, portfolio manager at KGAL.
Keegan Viscius, CEO of CA Immo said: 'With the sale of ViE, CA Immo completes a successful investment and monetises a stable asset with full occupancy. Proceeds from this sale will be used to reinvest at a higher rate of return in our organic development pipeline, manage ongoing corporate liquidity requirements, and select external investment should the right opportunity arise.'
ViE has a DGNB Platinum certification and is categorised as energy class A. It stands in an established, accessible location in Erdberg-Sankt Marx in Vienna's 3rd district. The architecturally striking ViE is part of a new office and residential district on the Danube Canal, directly opposite the extensive Prater Park. The city centre is only five minutes away by underground.
Office and retail space is spread over a total of ten floors, with technical areas and the underground car park with 71 parking spaces located in the basement. Four terraces and an inner courtyard with an outdoor catering area provide a pleasant working environment according to the firm.
KGAL Asset Management Austria (AMÖ), based in Vienna, played a key role in the acquisition. AMÖ will also manage the ViE property in the future.
