Transactions - MAY 20, 2016

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Korean investor acquires Vienna office tower

by Andrea Waitrovich

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.

“Vienna is the s

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