Austrian property group Immofinanz has acquired the remaining 20% stake it did not already own in the Grand Centar office complex in Zagreb from Generali Immobilien for an undisclosed amount.

The Grand Centar is a landmark office scheme in Zagreb's central business district and offers 16,000 m2 of rentable space let to tenants such as Strabag, TPA Horvath and Cisco Systems.

'The acquisition of this 20% stake reflects our strategy to take on the overall responsibility for our properties. We will now be able to dispose over the object independently, to manage and market it in accordance with our own objectives and to fully integrate it into our group,' said Manfred Wiltschnigg, member of the Immofinanz executive board.

The office market in Zagreb is beginning to recover, and demand for high-quality office space is expected to increase, he added. 'For us, it was the ideal time to take over the final stake in the Grand Centar.'