German investor Commerz Real AG, created through the merger of Commerz Grundbesitz Gruppe and CommerzLeasing and Immobilien, has completed its first purchase
It has bought six offices in Vienna for €100m (£69m) from urban project development company Immobiliendevelopment Wiener Stadtwerke and Soravia.
The offices are still being developed, but will reach completion between 2008 and 2009. The offices, in the city’s TownTown development project, which total 441,324 sq ft, will be placed into Commerz Real’s open-ended Hauslnvest Europa fund.
TownTown is a redevelopment project in the Erdberg district of Vienna, consisting of 21 offices.