Stefan Artner, DORDA partner and head of the real estate practice group, and Magdalena Brandstetter, real estate lawyer at DORDA, advised Patrizia AG on the sale of
"Zentrum Rennweg" to Swiss Life Living + Working. The sale of the
property was a structured bidding process conducted by CBRE. The
investment volume for the modern commercial property in 1030 Vienna is
around EUR 52 million.
The property is situated in the centrally located third district of
Vienna-Landstrasse at Ungargasse 64-66, not far from Belvedere Palace
and the Botanical Garden. After its completion in 2003, the building was
extended three years ago and now comprises around 16,700sqm of rental
space as well as an underground car park with 184 parking spots. The
building areas are divided into 12,700sqm office space and 3,700sqm
retail space on the ground floor.
Patrizia AG has been active as an investment manager on European real
estate markets for over 35 years. The spectrum of the German company
includes the purchase, management, enhancement in value and sale of
residential and commercial properties. As a global partner for real
estate investments in Europe, the company acts both for large
institutional investors and for private investors.
"A few years ago, we were already entrusted with the purchase of
the property. We are delighted to have been able to support Patrizia AG
in its ongoing asset management and also now in another successful
sale," says Stefan Artner, head of DORDA's award-winning real estate practice group. Associate Caroline Lessky from DORDA's real estate team supported Magdalena Brandstetter and Stefan Artner in the transaction.