Sparkassen Immobilien shops in Croatia and Austria

Listed property company Sparkassen Immobilien said it has bought a residential asset and two mixed-use buildings in Vienna's city centre, together with an office block in Zagreb, for a total of some EUR 60 mln.

Completed in 2005, the office block in Zagreb consists of 10,260 m² of space on six storeys. The property is fully let to long-term tenants such as IBM, Philip Morris, the European Bank for Reconstruction and Development and the Finnish embassy. The property also comprises 120 parking spaces and a restaurant.

In Austria, Sparkassen Immobilien has acquired a classic apartment block and a retail, office and residential development in Vienna's first district. The assets provide some 15,000 m² of net usable space. Property firm Immorent is responsible for the development, which will preserve parts of the 19th century facade. Construction is expected to be completed in the second quarter of 2010.

Sparkassen has also purchased the Akademiehof 5,500 m² office block. Located in Vienna's first district, the building was designed by star architects Roland Rainer and Gustav Peichl and completed in 1996.

'Regardless of the currently delicate state of the capital markets, we are concentrating on our property business with the aim of continuing to raise our NAV - the underlying value of our share. In times like these our purchases are of course more judicious than ever, and we are choosing locations that are especially durable investments,' said Ernst Vejdovszky, member of the board.