Hamburg/Vienna, March 1, 2019. The investment and asset manager Hamburg Trust has purchased a fully let office property in downtown Vienna. The office property that was built in 2002 in Brehmstraße 12 in the 11. District of Vienna consists of 8 top stories, provides 79 parking spaces and is being surrounded by two further office buildings as part of a larger office complex. The property with 11,500 square meters of rental area was extensively renovated in 2015 and 2016. Among the tenants are Otto Bock HealthCare Products GmbH, Siemens Mobility GmbH and Lebenshilfe Wien. The purchase was effected for the fund “HT Office Top 30 Invest”, an individual fund mandate by an insurance company.
The 11. District of Vienna is located between the airport and the city center and is easily accessible. The central train station can be reached within 10 minutes, the airport is only 8 miles away.
This transaction is the first purchase of an office property in Austria realized by Hamburg Trust and its partner GalCap Europe. The Austrian investment and asset manager is a strategic partner of Hamburg Trust in investments and in the management of properties in the neighboring country.
“Thanks also to the expertise of GalCap, we were able to acquire a very attractive office property with the property Brehmstraße 12, which is currently being let at conditions significantly below the rental potential of the 11. District of Vienna”, explains Oliver Priggemeyer, COO of Hamburg Trust. “We were thus able to acquire a low-risk property with good development prospects for the fund.”
“Due to its stability, the Viennese office property market is a highly suitable investment target which opens excellent perspectives in the long run. We are continuously monitoring the market for further interesting investment opportunities”, says Dr. Manfred Wiltschnigg, Managing Partner of GalCap Europe.
The “HT Office Top 30 Invest“ fund is conceived as an open-end real estate special fund in accordance with the German capital investment legislation KAGB. It is designed to invest in locations in medium-sized towns and metropolises of more than 100,000 inhabitants with a positive demographic and economic development.