Korean investor acquires Vienna office tower

CBRE Global Investors has acquired Vienna’s IZD Tower on behalf of a Korean separate account client in what the company says is the largest transaction in Austria for two years.

The seller was a German fund managed by Austrian investment manager SIGNA.

“IZD Tower is one of the most sought after high-rise landmark buildings in Vienna and attracts high-profile local companies as well as global players that seek representative offices for their local operations or headquarters,” said Katarina Horvathova, transaction manager, CBRE Global Investors, in a statement.

A sales price was not disclosed; however, Real Capital Analytics estimates the sales price is €230 million ($263.4 million). In addition, RCA has identified the new owners as Korea Post and KORAMCO.

The 39-story IZD Tower is 94 percent occupied and is located in the dominant office district of Donau City in Vienna. It is one of the main business locations in Vienna.

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