Austrian real estate investor CA Immo has sold the Hotel Savoyen and an office building in Vienna's third district to a subsidiary of Horn Grundbesitz for an undisclosed sum.
The Hotel Savoyen/Mechelgasse 1 property, which has a total leasable area of 38,150 m2, is centrally located at the Botanical Garden near Belvedere Palace.
The closing of the sale is expected in Q1 2023.
This property sale is part of CA Immo´s capital rotation program, which foresees the sale of non-strategic assets like hotels and sub-scale office buildings below a minimum size.
For Horn, the acquisition will enable the expansion of its portfolio of European core properties and is in line with the goal of acquiring mixed-use properties with viable and sustainable concepts.
Silvia Schmitten-Walgenbach, CEO of CA Immo: ‘We have further expanded our portfolio focus on prime offices in recent years and have increased the office share to 93%. With the sale of this building, we are continuing the asset class streamlining and are one step further in terms of our positioning as a specialist for large, modern office buildings with high sustainable and technological standards.’
Dr. Kevin Meyer, member of the management board at Horn Grundbesitz KG, added: ‘With our many years of experience in inner city development, we know the importance of flexible usage options. This property, with its modern office space and exciting hotel and conference space, exhibits these characteristics. We are therefore ideally positioned for the future in Vienna's city center with this transaction.’
Tenants of the office complex include the current corporate HQ of CA Immobilien Anlagen and fashion company Peek & Cloppenburg.
The seller was advised by Eastdil and Cerha Hempel, while the buyer was advised by CBRE, PKF, Wolf Theiss, LeitnerLeitner and Drees & Sommer.