Union Investment sells office and commercial building in Vienna to ARE Austrian Real Estate

by   CIJ News iDesk III
2022-10-06   08:52
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Union Investment has sold the Green Worx office and commercial building in Vienna to the Austrian company ARE Austrian Real Estate GmbH. The company is a real estate company specializing in office, residential and development properties and is owned by BIG (Bundesimmobiliengesellschaft). The parties have agreed not to disclose the purchase price.

Green Worx, located in the Prater submarket at Walcherstraße 6/ Lassallestraße 7A, was completed in 2012 and acquired in 2015 for the portfolio of the open-ended real estate fund UniImmo Deutschland. The building has a rental area of ​​around 17,000 sqm, 99 percent of which is currently rented. A small retail space of around 100 sqm is currently empty.

"In the interests of our investors, we took the opportunity of the sale in Vienna to optimize our real estate portfolio and reduce the proportion of locations that no longer conform to our strategy," says Alejandro Obermeyer, Head of Investment Management DACH at Union Investment.

Union Investment was advised by the broker EHL and legally by the law firm Schönherr.