TH Real Estate buys mixed-use building in Vienna for €22m

German fund manager Deka Immobilien has sold a mixed office and retail building in Vienna to TH Real Estate for €22 mln.

Silk 7, on Seidengasse, has a total leasable area of 8,500 m2 with 70 parking spaces and is almost fully let to tenants including Iventa, Schülke & Mayr and MedMedia Verlag. Deka Immobilien acquired the building in 2008, after it had undergone an extensive refurbishment in 2005/06.

TH Real Estate obtained the asset for the Spezialfonds Warburg-Henderson Austria Fund No. 2, which invests in a diverse portfolio of core and core-plus properties. The fund now has 11 assets and a target investment volume of €300 mln.

David Moese, managing director and head of property investment Austria, said: ‘With its broad range of tenants, relatively short lease terms and flexible options for arranging the interior space, this property offers a solid structure for the coming years and perfectly suits the acquisition strategy of the fund.’