- Multi-tenant property with around 31,450 square meters of lettable area
- Seller is STRABAG Real Estate Austria
- Property is ESG compliant and DGNB Platinum certified
Hamburg, 07 September 2021 – – Warburg-HIH Invest Real Estate (“Warburg-HIH Invest”) just acquired an office property in Vienna in the form of a club deal on behalf of two institutional German investors. The property was sold by STRABAG Real Estate Austria. The multi-tenant property, which includes a retail component, is located in the 19th district (Döbling) in the northern part of Vienna, and has a total lettable area of around 31,450 square meters. Completed in 2018, the property currently enjoys an occupancy rate of 91 percent. Its office tenants include the globally operating Zurich insurance group, the AOP Orphan pharmaceutical company, and Spaces, a provider of flexible workplace solutions. Retail and gastronomy units take up about five percent of the lettable area. Tenants also have the use of 354 car parking spaces. Warburg-HIH Invest acquired the property via a share deal. It was agreed not to disclose the selling price.
Matthias Brodesser, Head of Transaction Management International at Warburg-HIH Invest, said: “Vienna’s office market has proven stable and crisis-resistant. Since the inner-city districts report a vacancy rate below two percent, which is virtually synonymous with full occupancy, northern Vienna has gained in attractiveness. With its convenient transport links, the site is equally attractive to established businesses, start-up companies, and educational and research institutions. Vienna’s office market has so far remained undaunted by the pandemic: In 2020, it registered the second-highest office net absorption anywhere in Europe.”
Over the next few years, the surrounding area will be further upgraded by the planned implementation of the Muthgasse urban quarter, currently one of Vienna’s largest urban development areas. “STRABAG Real Estate became aware of the site’s potential early on, and paved the way for this strategically important business park. Square One is a showcase project with environmental, economic and socio-cultural value-added. We are delighted that the Austrian Sustainable Building Council (ÖGNI) awarded our project the DGNB Certificate in the Platinum category,” said Erwin Gröss, Managing Director of STRABAG Real Estate Austria. The close proximity to the “Heiligenstadt” underground station and to the A23 motorway provides direct transportation access to downtown Vienna both by public and private transportation.
“With its high specifications and flexible units between 250 to 5,000 square meters which easily can be customised to meet tenants’ bespoke requirements, Square One accommodates any modern type of office,” added Sebastian Pende, Head of Branch Office Vienna at Warburg-HIH Invest Austria. The retail units (including a Billa supermarket, a Raiffeisenbank, and two food outlets) supplement the use concept by adding complementary functions to the site. “STRABAG Real Estate has found a very reliable and strategically important partner for future deals in Warburg-HIH Invest. So, we very much look forward to our future collaboration,” said Erol Milo, Head of the Commercial Real Estate Division at STRABAG Real Estate Austria.
The legal due diligence was carried out by DORDA Rechtsanwälte GmbH, a law firm based in Vienna. The tax and financial due diligence assessments were done by the tax consultancy TPA Steuerberatung GmbH in Vienna. Alpha & Partner Immobilien Consulting GmbH in Vienna was hired to conduct the technical and ESG audits. EHL Investment Consulting GmbH in Vienna undertook the commercial due diligence.
“Vienna’s office market has proven stable and crisis-resistant. Since the inner-city districts report a vacancy rate below two percent, which is virtually synonymous with full occupancy, northern Vienna has gained in attractiveness. With its convenient transport links, the site is equally attractive to established businesses, start-up companies, and educational and research institutions. Vienna’s office market has so far remained undaunted by the pandemic: In 2020, it registered the second-highest office net absorption anywhere in Europe.”
Matthias Brodesser, Head of Transaction Management International Warburg-HIH Invest
„“With its high specifications and flexible units between 250 to 5,000 square meters which easily can be customised to meet tenants’ bespoke requirements, Square One accommodates any modern type of office,”“
Sebastian Pende, Head ofBranch Office Vienna Warburg-HIH Invest
“STRABAG Real Estate became aware of the site’s potential early on, and paved the way for this strategically important business park. Square One is a showcase project with environmental, economic and socio-cultural value-added. We are delighted that the Austrian Sustainable Building Council (ÖGNI) awarded our project the DGNB Certificate in the Platinum category.”
Erwin Gröss, Managing Director STRABAG Real Estate Austria
“STRABAG Real Estate has found a very reliable and strategically important partner for future deals in Warburg-HIH Invest. So, we very much look forward to our future collaboration.”
Erol Milo, Head of the Commercial Real Estate Division STRABAG Real Estate Austria
