Union Investment has acquired the Smart Tower, an office building project located at Waagner-Biro-Straße 124 in Graz, Austria.
Completion is scheduled for the end of 2022. Details of the purchase price were not disclosed.
The acquisition is being made for open-ended real estate fund immofonds 1, which is marketed solely in Austria.
The vendor is Austrian firm Smart Tower Projektentwicklungs GmbH, which is owned by the Haring/ Trivalue/Wegraz developer consortium.
“Graz is Austria’s second largest office market after Vienna. The Smart Tower is located in Smart City, an up-and-coming new urban district which is regarded as a flagship project for an energy efficient, environmentally friendly and low-emission city. The building is situated on the north-eastern edge of the new district and thus benefits from exceptionally high visibility,” said Jenni Wenkel, CIO and a member of the Management Board of Union Investment Real Estate Austria AG.
Markus Münzer, partner at Trivalue Management GmbH, commented: “Despite the challenging market environment and changed conditions, we have found a reliable partner in Union Investment.”
Some 6,350 sq m of rental space is being created across eight upper storeys. The office space offers a high level of flexibility for various office concepts as it can be divided into rental units of different sizes. The smallest unit measures some 170 sq m.
The Smart Tower’s location benefits from very good public transport links and there are many amenities and eateries within walking distance. The property has been pre-certified Gold by ÖGNI.