The real estate investor and manager Westcore Europe has sold the office and warehouse property “U6 Center” in Vienna to the Austrian investor Andromeda Exklusiv Immobilien.
Westcore had acquired the property in 2018 from Hanseatische Immobilienfonds Österreich IV and HCI Treuhand and has since successfully optimised the property.
The U6 Center property is located at Lemböckgasse 49 in Vienna’s 23rd district and is situated in the Liesing industrial area. The property has approx. 83% office space and was completed in 2000. Two parts of the building with a total rentable area of around 24,848 m² are located on a site area of 10,413 m². The current main tenant – the bit group – is the largest private education and qualification provider in Austria.
Westcore Europe, part of the Westcore Properties Group, is a real estate investor and manager focused on industrial, commercial or retail multi-tenant properties. Globally, the company has over USD 1.5 billion in assets under management, of which EUR 300 million in assets are located in Europe. Westcore Europe excels at consistently generating high risk-adjusted returns for its investors through effective asset management and appropriate operating strategies.
Sebastion Kann, Ingo Bischof, and Daniel Barrington, who led the Westcore transaction team, are pleased with the successful completion of the transaction. “We have once again demonstrated that Westcore can create and optimise value,” says Daniel Barrington.
On the Wolf Theiss side, partner Peter Oberlechner and senior associate Sandra Seldte provided legal support for the sale – which was structured as an asset deal this time: “The transaction was not always easy, and creativity was also very much in demand in addition to legal know-how. We are pleased to have achieved this again with the Westcore team,” says Peter Oberlechner.