US developer-investor Tishman Speyer has acquired a residential development in Vienna for German insurer Versicherungskammer Bayern.
The building on the corner of Canettistraße and Arsenalstraße, close to the Austrian capital's main rail station, is due to be completed by Signa Group by the end of 2020. It comprises 209 units with 16,840 m2 of living space, as well as 458 m2 of commercial space and 110 parking spaces.
Financial details were not disclosed.
It is the second acquisition for the Munich-based insurance giant since Tishman Speyer launched its German investment management platform (KVG) last year. In October it concluded a deal for the Bürohaus an der Alten Oper in Frankfurt from Mann Group, also for an undisclosed sum.
Nils Skornica, managing director of Tishman Speyer Investment Management, said: 'We consciously invest in trophy assets in prime locations and with long-term working lives and perspectives.'
The residential tower is one of two being built by Signa Development Section, a subsidiary of the Signa Group. The other was acquired by Bayerische Versorgunskammer in October 2018. Signa is also developing an office building and a hotel on the 11,000 m2 site.
Executive board member Christoph Stadlhuber said: 'Over the last few years, Signa has become one of the leading urban development partners in Central European cities - including Vienna - with its large real estate projects.'
