Westcore Europe purchases Austrian Weikersdorf Industrial Park

by   CIJ News iDesk III
2021-07-26   08:21
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Westcore Europe has purchased Weikersdorf Industrial Park, a 21,400 sqm industrial property to the south of Vienna, Austria, close to Wiener Neustadt airport, from Canadian-based Granite REIT. The Weikersdorf Industrial Park 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 sqm site. There is currently 9,000 sqm of vacancy that Westcore Europe intends to refurbish, sub-divide and lease up over the coming months.

"This is another very exciting addition to Westcore Europe’s growing Austrian portfolio which now totals more than 160,000 sq.m 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," said Marc Brutten, Founder and Chairman of Westcore Europe.

Westcore Europe sourced the deal through their local acquisition team led by Johann Sebastian Kann. CBRE Capital Markets represented Granite REIT, who sold the property as part of a larger strategy to consolidate its industrial portfolio.

The property is located in the West of Wiener Neustadt, about 30 minutes’ drive from Vienna. Wiener Neustadt is popular with businesses and is home to the Citivas Nova and the Eco Plus business parks. In addition, the city benefits from the Neustadt Nord shopping centre along with a number of retail parks and educational institutions. Weikersdorf Industrial Park has excellent transport links, being only 2 km from the junction of the A2 Autobahn and the B26.

Westcore Europe is an internally capitalized investment management business, wholly owned by a EUR 3.5 billion AUM family office and part of the Westcore Group of companies. Westcore’s investment partners include family offices, real estate investment funds, ultra-high net worth individuals and opportunity funds. The company has a consistent record of delivering high risk-adjusted investment returns through effective asset management and operating strategies. Westcore operates from four European offices in London, Geneva, Berlin, and Vienna.

Photo: Weikersdorf Industrial Park_Copyright_Westcore_sm