German fund manager Union Investment has acquired the office section in a mixed-use development in Vienna in a €30 mln forward-funding deal.
The office site in the Quartier Belvedere Central development – dubbed QBC3 – was purchased from developers UBM Development and S IMMO. It will comprise an area of around 7,600 m2, divided over eight floors.
The purchase price is based on a property value of around €30 mln, with UBM's 65% stake valued at €19.5 mln. The turnkey purchase is subject to fulfilling the closing conditions and will take effect upon the handover of the property in the course of the fourth quarter of 2017.
Located next to Vienna Central Station, Quartier Belvedere Central is a new city quarter which will comprise a mix of offices, hotels and apartments.
'The brand new, urban forms of living are adding value to the sites around central stations across Europe significantly,' said Philip La Pierre, head of investment management Europe at Union Investment Real Estate. 'This trend can also be seen in the current quarter development in Vienna. This is why we have proactively secured the first-class office building QBC 3'.
Following the handover, Union Investment will add the property to its UniImmo: Global fund.
