Mon, 12/08/2019 - 10:58
The Munich and Vienna based asset manager WealthCore Investment Management has acquired the Hilton Parkview hotel in Vienna in a joint venture with the Korean asset manager Mastern Investment Management.
Mastern Investment Management acted on behalf of three Korean investors Meritz Securities Co, Hana Financial Investment and NH Investment & Securities. The vendors, two Austrian family offices were represented by Invester United Benefits. The property with its approximately 50,000 square metres will comprise in excess of 660 rooms and 241 car spaces and is situated in Vienna’s prime location Am Stadtpark. It is one of the top 10 European inner-city conference hotels of this size.
“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,” says Christoph Wendl, Managing Partner of WealthCore Investment Management. “We have in addition succeeded in creating a customised joint venture structure through a Luxembourg company.”
With this transaction the WealthCore-Management confirms its position as leading partners and advisors for pan-European real estate investments of this scale.
Christoph Wendl: “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.”
The property is located directly opposite the Vienna Stadtpark and the shopping centre The Mall Wien Mitte. The complex also comprises a shopping arcade, offices and a parking garage. There is direct access to subway lines U3 and U4, numerous suburban trains as well as the City Airport Train (CAT) to the airport offering excellent accessibility for hotel guests and users.
The historical centre of Vienna with a variety of cafés, bars and restaurants, shopping facilities and famous tourist attractions as for example St Stephens’s Cathedral is within a five-minute walk.
WealthCore was been advised on legal matters by DLA Piper Frankfurt, Vienna and Luxemburg. 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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