German property group Union Investment has acquired the Smart Tower building in Graz, Austria, for an undisclosed amount.
Located at Waagner-Biro-Straße 124, the office building is currently still under construction with completion scheduled for the end of 2022.
The acquisition is being made on behalf of Union’s immofonds 1 open-ended real estate fund, which is marketed solely in Austria. The vendor is Austrian firm Smart Tower Projektentwicklungs, which is owned by the Haring/Trivalue/Wegraz developer consortium.
The asset will offer some 6,350 m2 of rental space across eight upper storeys. The property has been pre-certified Gold by Ögni.
‘Graz is Austria’s second largest office market after Vienna. The Smart Tower is located in Smart City, an up-and-coming new urban district which is regarded as a flagship project for an energy efficient, environmentally friendly and low-emission city. The building is situated on the north-eastern edge of the new district and thus benefits from exceptionally high visibility,’ said Jenni Wenkel, CIO and a member of the management board of Union Investment Real Estate Austria.
Markus Münzer, partner at Trivalue Management, commented: ‘Despite the challenging market environment and changed conditions, we have found a reliable partner in Union Investment.’
Union Investment was advised on the transaction by law firm Schönherr Rechtsanwälte and tpa austria.