- High-quality, fully let portfolio in the 10th district acquired for a special fund
- 155 residential units as a young portfolio with integrated medical practice and excellent infrastructural connections
The real estate asset and investment manager GalCap Europe has expanded its residential real estate portfolio in Vienna in another off-market transaction. For the individual mandate of a pension fund, the company acquired the fully let existing property at Raxstraße 2 in the dynamic 10th district (Favoriten). The property comprises 155 apartments on a total living space of around 12,450 square metres.
“Even in a challenging market environment, first-class investments in Vienna are undoubtedly still available. However, a keen eye and direct market access are crucial,” comments Marco Kohla, Managing Partner of GalCap Europe. “Our transaction strength and speed of implementation make the decisive difference here. With the purchase in the 10th district, we are securing another substantial, high-yield residential complex for the fund with clear future and development potential.”
In addition to the residential units, the residential complex, which was completed in 2015, includes an integrated doctor’s practice and 151 underground parking spaces for cars and 13 more for motorcycles. The modern, U-shaped ensemble effectively shields the generously landscaped inner courtyard and offers residents a quiet living environment with a high quality of stay and a children’s playground.
The balanced mix of apartments focuses primarily on well-designed two- and three-room apartments, all of which have their own outdoor areas such as balconies or loggias. The average apartment size is around 80 square meters. Heating and hot water supply are provided in a sustainable manner via the Viennese district heating network, which is reflected in the excellent values of the energy certificate.
Located in Vienna’s most populous district, the location at Raxstraße 2 is characterized by its excellent connections: The U1 underground line can be reached in a few minutes via several bus lines, which means that Vienna’s city center (Stephansplatz) can be reached in less than 30 minutes. The planned extension of the U2 subway line will further enhance accessibility in the future. In addition, the nearby recreation areas Wienerberg and Laaer Berg offer a high quality of life and leisure in the immediate vicinity.
The purchase price and the seller were not disclosed.
GalCap was advised on the transaction by Dorda Rechtsanwälte, TPA Steuerberatung and DELTA.
