Munich-based Real I.S. has acquired the TownTown CB 06, an office property in Vienna from Commerz Real. The parties have agreed to keep the purchase price confidential.
Built in 2008, the property which has a total rental area of around 5,200 sqm is 99.5 percent let.
Located at Thomas-Klestil-Platz 2, the property has five upper storeys and two basement floors and is part of the “TownTown” office cluster in the established St. Marx/Erdberg office submarket. The tenants are the Federal Administrative Court (BVerwG), Wiener Städtische Versicherung and the City of Vienna.
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“Vienna is a stable office market displaying little to no volatility with a vacancy rate which has been consistently low for decades and currently stands at less than five percent. The contemporary office building with its three creditworthy tenants fulfils the
stringent purchasing criteria of REALISINVEST EUROPA and delivers a steady cash flow in the interest of our investors also in uncertain times,” said Axel Schulz, Global Head of Investment Management at Real I.S. AG.
The office property in Vienna was acquired for its open-ended REALISINVEST EUROPA fund for private individuals and marks the fifth acquisition since the fund was launched twelve months ago.