The European arm of US real estate investment firm Westcore, Westcore Europe, has purchased Weikersdorf Industrial Park in Vienna, Austria, from Canadian-based Granite REIT.
Financial details were not disclosed.
The 21,400 m2 industrial property is situated to the south of Vienna, Austria, close to Wiener Neustadt airport.
The asset is a mix of industrial and ancillary office space, with 50% of the existing floorspace leased to automotive supplier Magna Cosma.
An adjacent vacant land parcel which forms part of the acquisition will provide opportunity to deliver further additional floorspace to the 45,000 m2 site. There is currently 9,000 m2 of vacancy that Westcore Europe intends to refurbish, sub-divide and lease up over the coming months.
Marc Brutten, founder and chairman of Westcore Europe, said: 'This is another very exciting addition to Westcore Europe’s growing Austrian portfolio which now totals more than 160,000 m2 of floor space and provides us with a high-quality income stream in one of the strongest commercial regions of Austria.
'The acquisition also provides numerous opportunities to improve the park through a proactive refurbishment, leasing and development program, undertaken by our very experienced local asset management and leasing teams.'
Westcore Europe sourced the deal through their local acquisition team led by Johann Sebastian Kann. CBRE Capital Markets represented Granite REIT, which sold the property as part of a larger strategy to consolidate its industrial portfolio.
