Britain's Matrix Property Fund Management has signed the final agreement for the acquisition of Vienna's largest office building from US fund Doughty Hanson for EUR 247 mln. The IZD Tower, with 63,000 m[sup]2[/sup] of office space, is adjacent to the UN complex and its tenants include the US Mission to the UN, Ernst & Young and the Oracle Corporation. The tower has underground parking for 1,250 cars.
Britain's Matrix Property Fund Management has signed the final agreement for the acquisition of Vienna's largest office building from US fund Doughty Hanson for EUR 247 mln. The IZD Tower, with 63,000 m2 of office space, is adjacent to the UN complex and its tenants include the US Mission to the UN, Ernst & Young and the Oracle Corporation. The tower has underground parking for 1,250 cars.
'This is that largest single real estate investment [in Vienna] this year,' said Andreas Ridder, managing director of CB Richard Ellis Austria, which advised Matrix Securities. 'This transaction is an indication that Vienna is interesting for international investors is interesting.'
Doughty Hanson & Co acquired the IZD Tower in December 2000 while it was under construction. The sale to Matrix Securities generated a 3.9 times return on the cash investment and Doughty Hanson & Co said it would return EUR 105 mln to investors.
