Bauträger Austria Immobilien (BAI Austria), the real estate development arm of Bank Austria, has sold a building located on Vienna's Schubertring 5-7 to the Flick Foundation for over EUR 100 mln. According to news reports in Austrian papers, the property is to open its doors at the end of the year as a five-star hotel operated by the Asian luxury hotel Group, Shangri-La.
Ares, Coima and MEAG are three investors which have closed multiple acquisitions in the last few weeks.
