Union Investment has secured the planned Fizz Vienna main station student housing complex on behalf of its Urban Living 1 fund.
The project was acquired in a forward purchase agreement with vendors, International Campus, Corag and Kollitsch & Reichstamm for an undisclosed amount.
The property will comprise over 195 apartments over 4,300 m2 of space and is scheduled for completion in the autumn of 2019.
'There are some 190,000 students in Vienna, meaning that almost 10% of the city’s inhabitants are enrolled at a university. Due to the high location quality in the vicinity of the main railway station and the exceptional standard of apartment fit-out and services, the new complex will enjoy strong demand,' said Alejandro Obermeyer of Union Investment Real Estate.
'We’re delighted to have found such a competent and long-term investor as Union Investment for our second property in Vienna,' added Alexander Gulya, managing director of International Campus Austria. 'Demand for high-quality student accommodation is set to remain strong in Vienna for the foreseeable future. With the city continuing to attract people, students from within Austria and beyond will struggle to find suitable apartments in central locations.'
This is the second purchase carried out by the Urban Living 1 fund following the acquisition of the Milestone Graz micro apartment complex of 378 apartments, also in Austria.