Art-Invest Real Estate has acquired the residential project KAI 100 at Handelskai 98-100 in Vienna from PREMIUM Immobilien as part of a forward deal. It comprises a total of 402 residential units and approx. 53.820 sf of office and retail space. The project is being developed by PREMIUM Immobilien AG. Construction will start shortly and the project is scheduled for completion at the beginning of 2022. The purchase was made for German institutional investors. Art-Invest Real Estate plans to keep the property in its portfolio for the long term. The letting of the residential units is planned for the end of 2021.
The project stands for modern, well thought-out residential buildings with creative versatility and has a total rental area of approx. 326,146 sf as well as around 240 underground parking spaces and 580 bicycle parking spaces. The residential complex is divided into five connected buildings. The elongated structure runs along the Handelskai and four other structures lie transversely to it in the direction of Wehlistraße. The quiet courtyards between the buildings are to be used as playgrounds and recreation zones. The commercial area is divided into approx. 34,444 sf of retail space on the ground floor and approx. 22,604 sf of office space on the first floor. The rental apartments consist predominantly of 2- and 3-room apartments and all have their own open spaces (loggias, balconies, terraces and gardens).
Jan Dührkoop, Managing Director of Art-Invest Real Estate Funds, comments: "With KAI 100, Art-Invest Real Estate has already made its fourth large-volume investment in the Austrian capital. We are also observing attractive investment opportunities in the cities of Salzburg, Innsbruck, Graz and Linz. In addition to focusing on office, retail and hotel space, we are also offering our investors residential investments in the new construction segment in order to further strengthen our risk/return profile".
"We are delighted to be working again with project developer PREMIUM Immobilien to realise the KAI 100 project. The location adjacent to our existing Millennium Tower property offers an excellent opportunity to expand our business activities in Vienna. In addition, our investors benefit from an attractive rental cash flow from a modern, high-quality residential complex with long-term value potential," explains Mark Leiter, Branch Manager Vienna at Art-Invest Real Estate.
Walter Wittmann, CEO of PREMIUM Immobilien GmbH: "We are delighted that Art-Invest Real Estate has once again opted for a PREMIUM project for the selection of another major residential investment in Vienna following the purchase of five building components in our Ensemble project in Erdberg and that we have thus also won a renowned and professional contractual partner for this project.
Situated on the banks of the Danube, the property's surroundings offer kilometres of cycle paths, footpaths and running tracks in the immediate vicinity. The 20th district north-east of the city centre is also an up-and-coming residential and business district. The direct neighbourhood to the Millennium Tower and the associated shopping centre enable an optimal local supply, connection to public transport and individual traffic.
Art-Invest Real Estate was advised on the transaction by Schönherr Rechtsanwälte, Drees & Sommer, TPA Steuerberatung, K&L Gates, EHL Wohnen and ÖRAG. Ernst & Young acted in an advisory capacity on behalf of the seller. The parties have agreed not to disclose the purchase price.
- KAI 100 has 402 residential units and 53.820 sf of office and retail space
- Project developer is PREMIUM Immobilien GmbH
- Letting starts at the end of 2022
More information about this projekt: www.premiumdevelopment.eu
