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"Commerz Real just acquired another two office projects at "TownTown" in Vienna, deepening its commitment in this ambitious urban development project. The buildings are scheduled to be completed during the first semester of 2010. Negotiations with prospective tenants are well underway. As soon as a forward commitment quota of 75 percent is reached – an agreement which is similar to the arrangements for the initial acquisitions – Commerz Real will add the properties to its "hausInvest europa" open-ended real estate fund. Beyond that, extensive rental guarantees are in place.
The space was developed and sold by a project company formed jointly by the municipal IWS project development company (Immobiliendevelopment Wiener Stadtwerke BMG) and the private Soravia AG. This project company also handles the marketing of the floor space. The total investment volume for the two properties comes to approximately 98 million euros.
"The high demand for floor space encouraged us to expand our‘TownTown’ commitment that started in the fall of 2007," said Hans-Joachim Kühl, Board Member of Commerz Real AG and in charge of real estate acquisitions. "We are pleased to be able to make an even bigger contribution to this important urban development project."
Combined, the two office properties have a gross lettable floor area of about 30,000 m². Their proximity to Commerz Real’s adjacent construction stages expands the overall area in which the company has invested. Their technical flexibility – which permits letting half a floor as well as whole floors – makes these modern buildings suitable for alternative usages. Owing to its easily accessible location in the dynamic submarket of Erdberg, the properties are well connected to public transportation and the A23 motorway toward Budapest and Bratislava. The district of Erdberg is located in the Eastern part of Vienna, between the inner city and Schwechat International Airport, which is a twenty-minute ride away" (CS della Società).
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