TH Real Estate was acting as asset manager for each property, on behalf of Warburg-HIH Invest Real Estate, who owned the assets within a segregated account for its clients.
The office building, which totals c.11,000 sq m (118,403 sq ft), was acquired by a private investor. The property was built in 1964 and has been modernised and expanded several times. In direct proximity to the Danube riverbank, an underground station is within walking distance and provides direct access to the Millennium City shopping centre.
David Moese, Managing Director, Head of Investments in Austria for TH Real Estate, said: “Transaction volumes in the Vienna Commerical Property market remain high. Capitalising on this high demand we were able to sell this property at a favourable price for our client.”
The Star Centre retail and entertainment park was sold to an Austrian investment vehicle launched by several private investors. The Star Centre was developed in 2000 and has a gross lettable area of 8,000 sq m (86,11 sq ft). It is located close to the historic town centre of Loeben, and is conveniently accessible via different routes, with the state capital, Graz a few minutes away. Anchor tenants include a Cineplex multiplex cinema, a Lidl discount-food market, a Deichmann shoe store and fashion retailers Tedi and Ernsting’s Family.
David added: “With solid occupier market fundamentals and high-income returns, Austrian retail parks remain very attractive to investors. The demand for retail parks outside of Austria’s major cities concentrates predominantly on well-positioned and attractive schemes, with a modern tenant mix. By taking an active asset management approach, we were able to position the Star Centre as such an asset, resulting in the successful sale.”