Hamburg-based investment company Warburg-HIH Invest Real Estate has acquired a hotel and commercial building in Vienna on behalf of a German institutional investor.
Hamburg-based investment company Warburg-HIH Invest Real Estate has acquired a hotel and commercial building in Vienna on behalf of a German institutional investor.
The asset was sold by a private Austrian foundation for €53 mln.
Developed in 1999-2000, the property was most recently refurbished in 2014 and is fully let to four tenants. The building's main occupier (9,137 m2) is a hotel of the InterCityHotel brand that is owned by the Steigenberger Hotel Group.
'Owing to the excellent location on one of the leading high streets in Vienna, the retail and gastronomy business here is marked by high footfall,' said Andreas Schultz, managing director of Warburg-HIH Invest. 'As a result and because of the average lease term of more than 17 years, the investment is characterised by a high security of income.'