German lender Pbb Deutsche Pfandbriefbank said on Monday that it has financed the acquisition of the Porr office tower in Vienna by South Korean REIT JR Amc. on behalf of a consortium of Korean investors.
Pbb is providing a €37 mln loan to fund the purchase of the 80-metre-high tower, which provides a floor space of more than 30,000 m2.
The 22-story office tower was built in 1999 and completely renovated to a high specification in 2015. It is leased long term to Porr, Austria’s second-biggest construction group.
UK asset manager Knight Frank Investment Management (KFIM) acted for JR AMC in the acquisition and will manage the property.
Charles Balch, head of international clients, UK & CEE at pbb said: 'This is our first transaction with KFIM, and we are delighted to have supported them in this acquisition of a landmark building in Vienna. The Vienna office market continues to be of interest to pbb, due to its stability which has attracted a number of international investors.'
