Off-market transactions for individual mandates with a focus on high-quality residential properties
In a persistently challenging market environment, the real estate asset and investment manager GalCap Europe is taking targeted advantage of investment opportunities and expanding its residential real estate portfolio in Vienna with two high-quality portfolio properties. The fully let properties at Nussbaumallee 4–6 in the 11th district (Simmering) and at Gregorygasse 10 in the 23rd district (Liesing) were acquired as part of off-market transactions for the individual mandate of a pension fund.
“Both properties are characterised by a very good letting situation, high construction quality and sustainable site development,” comments Dr. Manfred Wiltschnigg, Managing Partner of GalCap Europe. “These transactions also show that high-quality investments in Vienna are possible in the current market environment – provided you have the right market access and a clear focus on quality.”
Living space with a future in Simmering and Liesing
The residential property at Nussbaumallee 4–6 comprises 96 well-designed residential units on two interconnected buildings. It is located directly at the U3 station “Gasometer” and offers excellent connections to the city center – Stephansplatz can be reached in just nine minutes. The complex is fully let, has spacious outdoor areas and convinces with its balanced mix of apartments. The Enkplatz educational campus, which opened a few years ago, and the extensive infrastructural development in the surrounding area have further enhanced the micro-location. The conversion of the gas central heating system to a regenerative heating system was analysed as part of the due diligence and taken into account in future planning.
The second property at Gregorygasse 10, near the Liesingbach in the 23rd district, offers 66 modern apartments in a detached building with eight upper floors. The residential complex, built in 2018, is part of a larger quarter with a direct connection to the neighboring Rivus district with schools, supermarkets and medical care. The planned “Benyastraße” rapid transit station within walking distance will further improve the connection.
It was agreed not to disclose the sellers and the purchase price.
The legal advice on the transactions was provided by Dorda Rechtsanwälte, while GalCap Europe was advised on tax matters by TPA Austria. The technical due diligence was carried out by Delta.
Both properties are characterised by a very good letting situation, high construction quality and sustainable site development. These transactions also show that high-quality investments in Vienna are possible in the current market environment – provided you have the right market access and a clear focus on quality.
