Swiss Life Fund invests in Vienna
Swiss Life AM has purchased the Rennweg center in Vienna for 52 million euros for the open-ended real estate fund Swiss Life Living + Working.
The Rennweg Center is located at Ungargasse 64-66 in Vienna's third district. It was completed in 2003 and expanded in 2016. Of the approximately 16,700 sqm of leasable space, 12,700 sqm is offices and around 3,700 sqm is retail space on the first floor. The property also includes 184 underground parking spaces. The space is currently "almost fully leased," according to Swiss Life AM. The seller is Patrizia AG.
The object is located not far from the Belvedere and Botanical Garden; streetcar, bus and rapid transit stops are within walking distance. Nearby is also an access road to the southeast tangent and thus to the main highways.
The acquisition marks the first time that Swiss Life Living + Working has invested in Austria. The fund now holds 22 properties in six countries in its portfolio; fund assets amount to around EUR 583 million.
Vienna has one of the highest population growth rates in Europe, says Walter Seul, the fund manager of Swiss Life Living + Working. Therefore, Austria is a "particularly attractive investment location", and a property in this 1a location in Vienna is considered to be "extraordinarily future-proof". (ah)
