South Korean investor purchases office in Vienna

A fund of Inmark Asset Management, a South Korean investment firm backed by Australian founders, has bought the Office Provider complex in Vienna for €68.8 million ($79.3 million).

The seller was hotel developer UBM Development.

The property in Vienna was acquired in early 2017 and transformed into a modern office space within two years. The value of the property, in which the headquarters of UBM is located on one floor, was significantly increased.

The building has a lettable area of ​​18,500 square meters (199,132 square feet) spread over seven floors, including more than 90 percent office, plus retail and restaurant, and a 500-space parking garage.

Recently, UBM Development sold another project to another Korean investor, South Korean asset manager Capstone, which acquired the Zalando headquarters in Berlin for €196 million ($226 million). L’Etoile Properties advised Capstone on the acquisition and will be handling the asset and property mana