Deka buys two offices in Vienna for €235m

Austrian real estate investment company S Immo has signed contracts for the sale of the properties “Hoch Zwei” and “Plus Zwei” in Vienna to German investor Deka Immobilien. The sales price was €235 million ($274 million).

Both office buildings are located in the “Viertel Zwei”, a popular office and residential area in the second municipal district of Vienna.

The two buildings comprise approximately 463,000 square feet of above-ground lettable area. The site is let to OMV.

The transaction is subject to clearance by the Austrian Federal Competition Authorities. Closing of the transaction is expected to occur in the third quarter 2017.

The Vienna office market take-up in 2016 was significantly higher than in 2014 and 2015 and totaled 3.23 million square feet, according to BNP Paribas Real Estate.

The performance is due to three large transactions accounting for 538,000 square feet. Large transactions should continue to animate the mar