Union Investment adds office building to Vienna holdings

German fund manger Union Investment Real Estate has acquired the 'Rund Vier' office building in Vienna from IC Projektentwicklung. The parties agreed not to disclose the financial details.

Completed in August 2009, the property offers 21,000 m² of rental space, 85% of which has already been let to major companies such as DB Schenker, Unilever Austria, dpw Software, Sandoz Novartis and Baxter.

Union Investment said the acquisition will form part of the UniImmo: Deutschland open-ended real estate fund. 'Rund Vier is an excellent addition to our outstanding Vienna portfolio and helps to diversify our Germany fund,' said Karl-Joseph Hermanns-Engel, a member of the management team at Union Investment Real Estate.

Located between the Prater park and Messe Wien congress centre, Rund Vier comprises four loosely arranged office buildings with a tiered elevation. The award-winning office project by architects Henke und Schreieck features visionary architecture, extensive natural lighting, flexible floor plans and outstanding use of space, according to Union Investment.

Union Investment already has assets in the Austrian capital, having acquired the Floridotower, Solaris office block and Arcotel Kaiserwasser.