Eastern Property buys additional retail space in Quartier Belvedere, Vienna

Eastern Property Holdings has entered into a share purchase agreement to acquire an under-construction office and retail complexes Quartier Belvedere Central (QBC) 1 & 2 as well as the parking garage QBC 7 for approximately €230 million.

Located at Am Belvedere 10, 1100 Vienna, Austria, the office properties with over 38,000m2 of gross leasable space and an underground garage with approximately 580 freehold parking spaces are sold by UBM Development and its joint venture partner  S IMMO.

The acquisition of QBC 1 & 2 & 7 forms part of Eastern Property’s ongoing strategy to diversify its portfolio across European markets and strengthen the sustainability of its long-term performance.

Eastern Property buys additional retail space in Quartier Belvedere, Vienna in Austria. Image courtesy of Elias Schäfer from Pixabay.

The Quartier Belvedere Central 1&2 properties are directly adjacent to the Quartier Belvedere Central 4 property, the BDO Headquarters, acquired by the company in March 2019, according to Eastern Property.

Approximately 60% of the office and commercial space are said to have been either taken or are under negotiations, among others to familiar names such as Grant Thornton Austria and German restaurant chain Hans im Glueck.

The construction on the project is expected to be finalized by the end of next year.

Subject to various other customary closing conditions and finalization of construction, the transaction is expected to be completed by Q1 2021.

Eastern Property Holdings is an investment company, which holds interest in office, residential and retail properties. It is managed by Valartis International, a wholly-owned subsidiary of Valartis Group.