LONDON – 21 June, 2016 – CBRE Global Investors and Universal-Investment have acquired the STAFA TOWER landmark retail and hotel building in Vienna on behalf of Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors. The seller was a private limited company.
STAFA TOWER has 10 floors in total with eight above ground and is located on Mariahilfer Strasse, one of Austria’s busiest shopping streets in the seventh district. The building comprises 12,600 sqm with 6,300 sqm of hotel space and three retail units in the remaining 6,300 sqm. Tenants for the building are lean luxury hotel chain Ruby Hotels, Italian retailer Terranova and national retailers Billa and Betten Reiter.
The building was originally built in 1911 but was fully refurbished in 2015. It was awarded a LEED Platinum certification due to its sustainable design, low energy consumption and exceptional low operating costs. It sits between Westbahnhof, one of Vienna’s main public transport hubs, and Museumsquartier, the beginning of the historic first district. The location is seen as the main west entry point to the inner city by the newly rolled out pedestrian zone of Mariahilfer Strasse.
This is the eighth investment CBRE Global Investors and Universal-Investment have made for BVK globally in this fund and the first in Austria.
Harald Flöer, Director Portfolio Management, CBRE Global Investors, said: “STAFA TOWER is a high-quality building that is quickly gaining landmark status due to its contemporary design. Its location in Vienna is one that we expect to benefit from further yield compression. The asset has strong stable income from the long-term commitment of recognised retail tenants and houses a successful hotel.”
STAFA TOWER is CBRE Global Investors’ second major acquisition in Austria this year showing the strong demand from investors for the stable and well-performing Austrian real estate investment market.
“Real estate with stable income is still highly demanded by German institutional investors, especially high-quality buildings with an adequate risk-return profile,” explains Alexander Tannenbaum, Managing Director at Universal-Investment in charge of the Real Estate division. Universal-Investment doubled its real estate assets under administration in the last 12 months to EUR 5.3 billion.
With fund assets in excess of about EUR 264 billion under administration, thereof EUR 220 billion in own vehicles, over 1,000 funds and investment mandates and a workforce of around 600, Universal-Investment is the largest independent investment company in German-spoken Europe. The focus lies on the efficient and transparent administration of funds, securities, real estate and alternative asset classes. Universal-Investment is the central platform for independent asset management and combines the investment expertise of boutiques, private banks, international asset managers and investment firms to offer an exceptional collection of first-class private label funds. Universal-Investment was founded in 1968 as subsidiary of several well-known private banks. The company is headquartered in Frankfurt/Main and has subsidiaries and holdings in Luxemburg and Austria. As pioneer of the investment industry Universal-Investment is now market leader in the areas of master-KVG and private label funds. Members of the management board are Oliver Harth (deputy spokesman), Markus Neubauer, Stefan Rockel, Alexander Tannenbaum and Bernd Vorbeck (spokesman of the management board). (As per 30 April 2016).
More information on www.universal-investment.com