Union Investment sells office building in Vienna

Union Investment has sold an office building located at Dresdner Straße 82 in Vienna. The property, which was completed in 2003, offers rental space of 4,580 sq m plus 29 parking spaces. It was added to the holdings of open-ended real estate fund immofonds 1 in 2014, a fund which is marketed solely in Austria. The parties agreed not to disclose details of the price.

The building is in Vienna’s 20th district, near the city centre, the Nordwestbahnhof urban development zone and the Danube. It is currently fully let to five tenants. The main tenant is the Vienna building authority.

The buyer is Quadoro Investment GmbH, who will add the building to the portfolio of its open-ended retail fund Quadoro Sustainable Real Estate Europe Private (Sustainable Europe). It is the first building in Austria to be acquired for Sustainable Europe.

“The size category no longer meets our investment criteria. We have therefore taken advantage of the current favourable market phase to adjust our real estate portfolio, in the interests of our investors,” said Alejandro Obermeyer, head of Investment Management DACH at Union Investment.

CBRE brokered the transaction for Union Investment.