The Empira Group, aninvestment manager for institutional real estate investments, has successfully sold a project development in Vienna, as planned. Empira originally acquired the approximately 4,500 sqm property in Q3 2020 and subsequently brought it to construction readiness for a state-of-the-art office project. The buyer of the approximately 16,000 sqm project is a large pharmaceutical company
“The transaction is part of the Empira Opportunities Fund* and the successful sale at attractive terms is exactly in line with the investment approach of this product. By leveraging our in-house transaction and development capabilities and local market expertise, we are enabling significant value creation for our investors while enhancing the micro-location through a modern and sustainable new development. We are proud that our investors can participate in another successful transactionā, explains Lahcen Knapp, President of the Board of Directors of Empira AG.
Empira’s project will develop a modern mixed-use scheme consisting of approximately 4,100 sqm square metres of residential space, approximately 9,900 sqm of office space and approximately 1,600 sqm of local retail space. In addition, there will also be an underground car park with around 120 parking spaces. All of the schemeās elements will offer the new owner diverse and modern design options. The location in Vienna’s 12th district impresses with its optimal connection to both public transport with several bus stops and private transport via the direct motorway connection to the A23. Schƶnbrunn Palace is also located just five minutes away.
The transaction was handled by the law firm Dorda RechtsanwƤlte, while TPA acted as tax adviser.
