Wealthcore and Korean fund check into Vienna Hilton for €370m

Munich and Vienna based asset manager Wealthcore Investment Management has acquired the Hilton Parkview hotel in Vienna in a joint venture with Korean asset manager Mastern Investment Management.

Considered one of the largest conference hotels in Europe, the property was acquired for €370 mln from two Austrian family offices represented by Invester United Benefits.

Mastern Investment Management acted on behalf of three Korean investors, Meritz Securities, Hana Financial Investment and NH Investment & Securities.

'With the acquisition of this landmark property we have been able to secure for us and the Korean investors a solid and high quality investment – and this in a highly competitive market,' said Christoph Wendl, managing partner of Wealthcore Investment Management. 'We have in addition succeeded in creating a customised joint venture structure through a Luxembourg company.'

Located in a central part of Vienna, Am Stadtpark, the 50,000 m2 hotel has been operated by Hilton for more than 40 years and is currently in the throes of a €75 mln refurbishment and extension. The property will comprise more than 660 rooms and 241 parking spaces on completion.

'The property offers our Korean investors an attractive opportunity for a long-term investment in the heart of Vienna. With our co-investment, we further demonstrate our own commitment to the property and the market. Vienna as a hotel and congress location is prospering and continues to attract international companies, investors and tourists,' Wendl added.

Wealthcore Financial Services secured the long-term debt financing through a consortium of Bank Austria and Raiffeisen Bank International and advised the investors.

Wealthcore said it was currently working on further acquisitions in office, hotel and residential asset classes with a focus on selected European Class A locations, particularly in Germany, Austria, Benelux as well as the UK.

Wealthcore was advised on legal matters by DLA Piper Frankfurt, Vienna and Luxembourg. PwC Vienna and Luxembourg were responsible for tax consultancy and technical advice was provided by iC Consulenten Ziviltechniker, Vienna.

In addition Savills Frankfurt, London and Seoul and PKF hotelexperts, Munich advised on the transaction.


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