BNP Paribas Real Estate Investment Management (REIM) Germany has sold the InnoPlaza office complex in Vienna to ARE Austrian Real Estate, on behalf of the Next Estate Income Fund II (NEIF II).
The building is located in Wienerberg and is currently fully let to several large companies as well as two tenants from the public sector. The average remaining lease term comes to roughly seven years.
InnoPlaza was built in 2019 and offers its tenants more than 18,000 sqm of usable space. The building on Lehrbachgasse is LEED Platinum certified.
The site is located at the heart of a business district that is home to a number of international companies.
BNP Paribas REIM said the Vienna office market is currently experiencing high demand for modern space, which comes as the result of the sluggish development activity seen in the past several years.
“The building was designed right from the start with sustainability aspects in mind and combines high-end office space with a good and growing microlocation. The InnoPlaza sale reconfirms our conviction that demand for assets with excellent ESG record remains very high despite recent market developments. We were able to improve the building’s carbon footprint and quality through comprehensive asset management and turn it into a future-proof investment that will continue to grow in value going forward,” says Isabella Chacón Troidl, CEO of BNP Paribas REIM Germany.
“The InnoPlaza transaction is further proof that modern, sustainable office buildings situated in an established office location and let to strong-covenant tenants are proving resilient to the current challenging market conditions. We are pleased to be part of this transaction and would like to express our thanks for the excellent cooperation and the confidence of our partners,” says Lukas Schwarz, Head of Capital Markets at CBRE. Christoph Lukaschek, Head of Investment at OTTO Immobilien, agrees, “The transaction is another indication that the Vienna real estate market continues to perform.”
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