PGIM Real Estate secures a forward commitment on a three-property portfolio in Vienna
PGIM Real Estate has secured a forward commitment on a three-property portfolio in Vienna, on behalf of German and Swiss institutional investors.
PGIM Real Estate is the real estate investment management business of PGIM Inc, the global investment management businesses of Prudential Financial, Inc.
The portfolio is located in Vienna’s new inner-city development at Prater Stern, an established office location in close proximity to the city centre and with direct transport links to Vienna International Airport.
The buildings are currently under construction and upon completion, which is anticipated in the summer of 2018, will comprise 130,000 square metres of lettable space, within a campus of predominantly office buildings.
The two main office buildings will be leased on a long-term basis (18 years) to UniCredit Bank Austria which will relocate its headquarters to these new buildings. The third building meanwhile, will include a hotel operated by Roomz, a conference centre, a canteen, a kindergarten and other facilities to service the new campus.
Sebastiano Ferrante, head of Germany and Italy at PGIM Real Estate, says: “PGIM Real Estate’s acquisition of the Austria campus represents a unique opportunity to add to their portfolios a long-term secured income producing asset, in a city with strong economic growth and increasing employment.”
The developer of the project is SIGNA Prime Selection AG.