Successful deal in TownTown: “Austria’s market for high-quality investment real estate continues to function”
Vienna (OTS) – The OTTO Immobilien investment team recently successfully brokered the “CB06” office property in the TownTown office cluster in Vienna-Erdberg from Commerz Real, based in Wiesbaden, to Real IS in Munich. The parties have agreed not to disclose the purchase price of the building with a total rental area of around 5,200 square meters.
Commerz Real acquired the “CB06” property at Thomas Klestil Platz 2 in 2009 for its open-ended real estate fund Hausinvest. After the original sole tenant moved out in 2018, “CB06” was quickly re-let to three well-known tenants and has now been successfully sold to Munich-based Real IS.
“We are delighted that Commerz Real has placed its trust in us to successfully broker the property even under the currently challenging framework conditions. The transaction shows that the market for high-quality real estate – regardless of the existing restrictions – works extremely well in Austria, “said Christoph Lukaschek, Head of Investment at OTTO Immobilien, pleased about another successful deal in 2020. Since entering the Austrian market in 1996, OTTO Immobilien has been providing comprehensive support for Commerz Real in the areas of property management, letting and investment.
The TownTown business park in the Erdberg-St. Marx comprises a total of 19 office buildings. Due to the large-scale developments in the area, the location is currently one of the most dynamic locations in Vienna.
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