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Warburg-HIH Invest sells Alt Erlaa retail warehouse park in Vienna; asset sold by TH Real Estate

TH Real Estate, on behalf of the Hamburg-based investment company, Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest, previously: Warburg - Henderson), has sold Alt Erlaa retail warehouse park in Vienna.

The asset was sold in conjunction with the ongoing planned divestment phase of the “Warburg - Henderson Österreich Fonds Nr. 1” Fund, for which it was acquired in 2005. The asset was acquired by Semper Constantia Immo Invest GmbH, a subsidiary of Semper Constantia Privatbank AG, which acquired the scheme for the SemperReal Estate open-ended property Fund.

The retail warehouse park is located in the 23rd district in the south of Vienna, close to the “Altmannsdorfer Ast” motorway junction that provides access to the A23 and A2 motorways. The site benefits from convenient access to the public transportation network, being served by several bus lines and the U6 underground line. The asset, which extends over 20,000 sq m (c.215,000 sq ft), opened for business in 1998 and is fully occupied today. Tenants include Interspar, DM, Deichmann, Wurstinger Bowling, and Club Danube.

TH Real Estate was advised by the law firm Baker & McKenzie and by EHL Immobilien GmbH, both based in Vienna.

Eitel Coridass, Managing Director of Warburg-HIH Invest said: “The asset positively contributed to the overall return on investment, over its holding. We skilfully compensated the exit of the Praktiker DIY store, in line with the DIY multiple's withdrawal from the Austrian market, with the implementation of a retail warehouse park concept with a multiple tenant line-up on the same rental premises.”

David Moese, Head of Investment, TH Real Estate, added: “We have sold the Alt Erlaa retail warehouse park at the best possible time in the market cycle. The sale represents another component in the ongoing wind-down of the entire Österreich Fonds 1 investment Fund.”

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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