San Diego-based Westcore Properties has strengthened its presence in Europe with the purchase of a three-building portfolio in Vienna from Philips Electronics for $108 mln (EUR 81.7 mln). The portfolio includes over 120,773 m[sup]2[/sup] of lettable space on a 250,905 m[sup]2[/sup] site. The project consists of Green park centre, a class-A office project, the office and industrial High Tech Centre, and the manufacturing and office Tech Park Vienna.

San Diego-based Westcore Properties has strengthened its presence in Europe with the purchase of a three-building portfolio in Vienna from Philips Electronics for $108 mln (EUR 81.7 mln). The portfolio includes over 120,773 m2 of lettable space on a 250,905 m2 site. The project consists of Green park centre, a class-A office project, the office and industrial High Tech Centre, and the manufacturing and office Tech Park Vienna.

Westcore entered Europe in November 2006 opening its first office in Lausanne, Switzerland, and is now keen to boost its presence in the European market. 'This transaction represents an important strategic move for Westcore,' said Westcore's chairman Marc Brutten. 'With our first European venture outside of Switzerland, we have demonstrated our desire to become a major player on the European real estate stage.'

Brutten added that the US private firm is in very advanced talks to acquire another 16,258 m2 of property in Austria. The commercial real estate investment company is also planning to renovate the acquired portfolio to attract new tenants.