German closed-end fund manager Hamburgische Immobilien Handlung (HIH) has announced the launch of its first Austrian real estate investment vehicle. The HIH Global Invest 05 - Österreich fund has a planned life term of 10.5 years and aims to distribute returns of 5.75% per annum, rising to 6.25% from 2020.

'This investment offer is tailored to safety-oriented investors,' commented Torsten Doyen of HIH, pointing to the fund's focus on high-quality tenants and the long terms of the leases.

The new fund has acquired a fully-let office and retail property in Vienna from Immofinanz for over EUR 29 mln. Main tenants in the building located on the Austrian capital's Simmering St. are BBRZ Reha and the Rewe Group's Billa and Bipa retail chains.

Completed in 2008, the seven-storey property provides 13,000 m2 of modern space and 117 parking spaces.