German investor HIH Global Invest has made its first acquisition in Vienna with the purchase of a mixed-use scheme from Austrian listed property group Immofinanz for just over EUR 29 mln. The deal is in line with HIH's strategy to diversify its portfolio through acquisitions abroad.

The building provides around 13,000 m2 of office and retail space as well as 117 parking spaces in a two-storey underground garage in the 11th district of Vienna. The asset is fully rented with a long-term lease agreement to a number of tenants including BBRZ Reha for the office space, and Billa, Bipa and the Humana organisation for the retail units.

'The three major revenue-generators for Immofinanz are the management, development and realisation of properties,' said Manfred Wiltschnigg, member of Immofinanz's executive board. 'Our goal is to raise the fair value of the objects in our portfolio through professional management and to subsequently realise this value increase through a sale.' The company plans to reinvest the proceeds in top-quality properties, he added.

'The purchase of the office and retail property in Simmeringer Hauptstrasse meets our investors' goals for higher quality objects and secure, long-term cash flows,' added Andreas Schultz, managing director of HIH Global Invest.