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 in 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 (US$263.4 million). In addition, RCA has identified the new owners as Korea Post and Koramco REITs Management and Trust Co.
The 39-storey IZD Tower is 94 percent occupied and is located in the dominant office district of Donau City in Vienna.
“Vienna is the second-largest German