Warburg-HIH Invest Real Estate has sold an office property in Vienna in form of a share deal to a real estate fund managed by Blue Colibri Capital.
The 8-storey office building was built in 2002. It provides a gross lettable area of about 13,830 square metres and 147 underground parking spots. Main tenant is the federal government of Austria with its Ministry of Finance. The weighted average lease term of the office property is roughly ten years. Acquired by Warburg-HIH Invest in December 2015, the property was now sold via a limited tender process.
“The asset strategy succeeded in securing long-term rental upside potential. The above-average length of the lease terms reflects the demand for efficient office accommodation in this sub-market,” said Jana Wetzel, Real Estate Manager at Warburg-HIH Invest Austria.
“At the End of the past year, we made the strategic decision to sell because we saw an opportunity to achieve significant appreciation compared to our total investment costs at the time of the acquisition in late 2015,” added Matthias Brodesser, Head of Transaction Management International at Warburg-HIH Invest.“Notwithstanding this disposal, we intend to add further commercial real estate properties to our existing portfolio in Austria in the future.”
The address Brehmstrasse 14 is a conveniently accessed location in the 11th district in south-east Vienna, near the A23 motorway, and around two kilometres from Vienna’s central railway station. Warburg-HIH Invest was legally advised by the law firms of Dorda Rechtsanwälte (Austria) and Hogan Lovells (Germany) and received tax advice from TPA in Vienna. EHL Investment Consulting, part of the EHL Group, brokered the purchase of the property to Blue Colibri Capital.