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DORDA supports Patrizia AG in the sale of the "Zentrum Rennweg"

Wednesday, 11 December 2019

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.

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