HIH Invest has acquired the office and commercial building at Aspernbrückengasse 2 in Vienna’s 2nd district for the fund of an institutional investor. The seven-storey property was built in 1993 and is fully let. It comprises around 7,170 square metres of rental space. Of this, 6,500 square metres will be for modern office space, 450 square metres for gastronomy, 120 square metres for retail and 100 square metres for warehouse space. In addition, 61 underground parking spaces for cars and covered bicycle parking spaces are available to tenants in the basement.
The seller, a company of Thalhof Immobilien, has already implemented extensive modernization measures. In addition to the modernisation of the façade and the core renovation of the underground car park, the property was certified according to DGNB Gold and its EU taxonomy conformity was confirmed. These measures significantly strengthened the sustainability of the building. The foyer and the entrance area of the property will be modernised, and a partial greening of the façade and roof is also planned. The heat is already supplied via a district heating connection and the lighting has been completely converted to energy-efficient LED technology. Green lease agreements are to be concluded successively with the tenants.
“With the acquisition in a central location in Vienna, we are securing a high-quality core asset with development prospects for our investor and at the same time addressing our strategy for the Austrian market,” says Felix Meyen, Managing Director of HIH Invest. “The combination of an excellent micro-location, flexible space structure and moderate rent level creates a sustainable income base and opens up additional potential for value appreciation.”
The office and commercial building is located just a few minutes’ walk from Vienna’s city centre and benefits from a high attractiveness of the location for office and commercial uses. The existing building structure allows for flexible space configuration and thus meets the requirements of modern users. The planned measures to optimise space and the conversion of the entrance area will further develop the property in a targeted manner.
“Vienna is one of the most stable office real estate markets in Europe and offers future rent increase potential in central locations, not only due to the moderate rent level. High economic resilience, international company presences and consistently strong demand for modern office space in central locations make the location particularly attractive for institutional investors. In particular, the area around Aspernbrückengasse and Praterstraße has developed particularly dynamically in recent years,” explains Sebastian Pende, Vienna Branch Manager of HIH Invest.
The legal acquisition review was carried out by DORDA Rechtsanwälte, while the technical and ESG due diligence was carried out by Alpha & Partners Consulting. The tax due diligence was carried out by TPA Steuerberatung. EHL Investment Consulting advised on the Commercial Due Diligence. Schönherr Attorneys at Law was responsible for providing legal advice to the seller. The transaction was accompanied by ZOECHLING RE.
