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UBM acquires property at top location in Vienna from S Immo

UBM Development acquired a property in one of Vienna's best locations from S IMMO at the beginning of July. It is located between Siebenbrunnengasse and Stolberggasse in the Fifth District and was owned by S Immo AG since 2015. Several buildings are situated at the site, which covers over 9,000 m².

Friedrich Wachernig, Member of the Management Board of S IM-MO AG, commented: „We have developed new usage ideas for most of the buildings in recent years and, based on our attractive and modern architecture concept, received a building permit. These activities represent important milestones for the project development, and we are very pleased with the results. With UBM, we have found a competent partner who will successfully realise the project.“ Plans call for the construction of roughly 165 modern residential units on a usable area of nearly 12,000 m2. Construction is scheduled to begin in early 2020. This residential project, which will also include a new building, should be completed during the first half of 2022. The extensive refurbish-ment planned for the commercial part of the project can be completed quickly. In total, over 17,000 m2 of modern residential and commercial space will be developed in this location. The parties have agreed not to disclose any information on the purchase price for the transaction.

„This project fits perfectly with our acquisition strategy, which calls for a mix of fast movers, bread-and-butter business and long-term out-performers“, indicated Thomas G. Winkler, CEO of UBM Development AG, on the acquisition.

„Following the acquisition of several longer term future projects, we were now able to win a fast mover which, with a vol-ume of approximately €100m, will make an important contribution to our earnings over the short- to medium-term“, added Gerald Beck, Managing Director of UBM Austria.