Bayerische Versorgungskammer (BVK) has invested in an Austrian office tower through Global Investors and Universal-Investment.
The German pension fund for self-employed professionals bought the office tower in Vienna β its first deal in Austria through the mandate.
A private limited company sold the STAFA retail and hotel building, a 12,600sqm asset including 6,300sqm of hotel space and three retail units.
The deal marks the eighth investment CBRE Global Investors and Universal-Investment have made for BVK globally in this fund and the first in Austria.
Harald FlΓΆer, director of portfolio management at CBRE Global Investors, said the tower was a high-quality building that was βquickly gaining landmark status due to its contemporary designβ.
He added: βIts location in Vienna is one we expect to benefit from further yield compression.
βThe asset has strong stable income from the long-term commitment of recognised retail tenants and houses a successful hotel.β
