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Workstation Wien West

TIAA Henderson Real Estate acquires office building in Vienna on behalf of Warburg - Henderson

TIAA Henderson Real Estate (TH Real Estate), on behalf of Warburg - Henderson Österreich Fonds Nr. 2, has acquired an office building in Vienna. The asset, Workstation Wien West, was sold by Raiffeisen Property Holding International for €34.4m.

Located in the district of Penzing, it is located close to the A1 motorway and is within walking distance of a subway and tram station, with direct connection to the Westbahnhof in Vienna. Built in 2002 and 2004, the asset is divided into two office spaces, comprising a total area of 17,871 sq m and fully let to Allianz and the city Wien. Both parties have signed long-term leases. The immediate vicinity has great potential for development projects, of which some have been realised or are currently under construction.

Warburg - Henderson Österreich Fonds Nr. 2, which was launched in March 2011, invests in a diversified portfolio of commercial properties with a risk/return profile of core to core plus. The fund is aimed at German and Austrian investors. It targets a yearly Total Return (IRR) of 7% on equity invested. The investment focus is on retail properties in all of Austria and office properties in Vienna. Once fully invested the fund will consist of between 10 and 15 properties.

The portfolio now comprises six retail warehouses in Fürstenfeld, Linz, Mistelbach, Groß Enzersdorf and Rosental, one shopping centre in Spittal and three additional assets in Vienna. Further acquisitions are in the pipeline.

David Moese, Head of Investment, Austria at TH Real Estate commented “This is yet another great addition to the Fund portfolio. The office building is closely located to the centre of Vienna, and provides numerous asset management opportunities to further enhance value for our investors.”

Stefan Hellwig, Senior Fund Manager at Warburg - Henderson added “Workstation Wien West perfectly matches the requirement profile of the Fund, mainly due to its good location and creditworthy tenants. The focus of this investment is on long-term lease structures.” 

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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