German BayernLB's real estate fund manager Real I. S. has launched a special investment fund for three German pension funds, and acquired the fully-let Vienna commercial property Wien Westbahnhof A3 in a share deal for some €110m for the vehicle.
Seller of the 25,000-sqm property, part of the Bahnhofcity Wien West complex in the Austrian capital, is the Zurich-based based Acron group which held it in a single-asset vehicle.
The property is centrally situated in Vienna's 15th district Rudolfsheim-Fünfhaus to the west of the old town. Mariahilfer Strasse, one of Vienna’s best-known shopping streets, is within easy walking distance, Real I.S. said in a release. In addition to its location in a major, high-frequency, inner-city shopping area, the property also benefits from the flow of passengers to and from the Westbahnhof rail station, to which it has direct access.
The mixed-use commercial property comprises eight above-ground floors and a basement accommodating 8,870 sqm of shopping space and forming part of the shopping centre that runs through all three of the station complex’s buildings. Austrian railway operator (ÖBB) is a long-term tenant of the retail space, while a 441-room hotel operated by Motel One occupies nearly 10,780 sqm. A variety of office units, totalling about 5,360 sqm, are located on floors six and seven.
"This club deal allows us once again to demonstrate our expertise in creating structured investment solutions for our institutional investors," said Jochen Schenk, CEO of Real I. S. "As a key component of the Bahnhofcity Wien West rail station complex, this commercial property benefits from outstanding transport links."
Bayerische Landesbank (BayernLB) and its Real I.S. subsidiary are part of the German savings bank system.