Allianz buys office project in Vienna for €500m
The Allianz Group has expanded its real estate portfolio in Vienna.
Allianz Real Estate has acquired 100 percent of the landmark office The Icon Vienna on behalf of several Allianz companies, including Allianz Lebensversicherungs-AG and the Austrian Allianz Elementar Versicherungs-AG Development Selection Ltd. The investment volume is more than €500 million ($570 million). The seller was Signa, an Austrian development firm.
The Icon Vienna comprises three office towers and is close to the new central railway station. The total floor area is 947,000 square feet. Completion of the project is planned for the second quarter of 2018.
The transfer of ownership to the alliance is scheduled for the fourth quarter of 2018.
The transaction is expected to be the largest of the year in the Austrian real estate investment market, according to local Vienna outlets.
Austria’s commercial investment outlook is positive, according to Knight Frank’s Vienna