Union Investment has sold an office building in Vienna's seventh district to Thalhof Immobilien for an undisclosed amount.
Thalhof specialises in the acquisition and development of residential and office properties in Vienna's prime locations. The 7,100 m2 asset, located at Schottenfeldgasse 29, was part of the portfolio of immofonds 1, an open-ended real estate fund distributed exclusively in Austria, since 2013.
'We took the opportunity to sell because the size of the property in particular no longer fits the fund's current strategy. In order to further strengthen the resilience of our high-quality portfolio, we are currently focusing on medium-sized buildings across all asset classes,' said Alejandro Obermeyer, head of Investment Management DACH at Union Investment.
Thalhof Immobilien will continue to develop the building over the next few years in line with its sustainability programme, including the installation of a photovoltaic system on the roof.
