Redevco Central Europe is buying the Generali Center on Vienna's Mariahilfer Straße from insurer Generali Versicherung. The shopping and office centre, built in 1977 in a prime Viennese shopping location, comprises almost 5,000 m[sup]2[/sup] of sales area and over 8,900 m[sup]2[/sup] of office space. A car park offering 220 parking spaces also forms part of the centre, which was completely renovated in 2003. The centre houses many major retailers such as Nike, Swarovski and supermarket Zielpunkt.
Redevco Central Europe is buying the Generali Center on Vienna's Mariahilfer Straße from insurer Generali Versicherung. The shopping and office centre, built in 1977 in a prime Viennese shopping location, comprises almost 5,000 m2 of sales area and over 8,900 m2 of office space. A car park offering 220 parking spaces also forms part of the centre, which was completely renovated in 2003. The centre houses many major retailers such as Nike, Swarovski and supermarket Zielpunkt.
The parties have agreed not to disclose the purchase price. The transaction will be completed on December 1, 2007. Generali subsidiary Allgemeine Immobilien-Verwaltung (AIV) will continue to manage the centre on behalf of Redevco.
This latest acquisition will bring the real estate portfolio of Vienna-based Redevco Central Europe to well above EUR 300 mln. 'We regard this as another milestone on the road to firmly establishing our position as a retail real estate investor and developer in Austria and Central Europe,' said Jörg F. Bitzer, managing director of Redevco Central Europe.
Generali Versicherung will use the proceeds of the sale to finance further forward-looking real estate investments.
Redevco Central Europe is part of Redevco Europe, a real estate investment and development group based in Amsterdam that is active in more than 20 European countries. Redevco's total portfolio currently comprises some 800 properties, with an estimated value of EUR 7 bn.