LLB Immo KAG purchases the redeveloped TLAPA building in Favoriten, Vienna's 10th district
Vienna, 30 March 2022. LLB Immo Kapitalanlagegesellschaft m.b.H has once again expanded its portfolio and purchased the redeveloped TLAPA building from Vermehrt Group.
In a challenging market LLB Immo KAG has successfully grown and today manages real estate assets worth approx. 1.5 billion euros. With the purchase of the redeveloped TLAPA building, which was once a prestigious fashion department store, at Favoritenstrasse 73-75 in Vienna's 10th district LLB Immo KAG has acquired its largest property so far for LLB Semper Real Estate, the open-end real estate mutual fund of LLB Group. With more than 11,500 square metres of useable floor space the project is currently one of the most exciting redevelopments in the immediate vicinity of the central train station, Quartier Belvedere and Neues Landgut hotspots.
The developer and vendor of this office and retail building under construction is Vermehrt Group. The building is a mixed-use office and retail building that will offer premium-quality retail and office space as well as approximately 130 serviced apartments and an underground car park with 110 parking spaces after completion, which is planned for 2024. The building consists of eight floors above ground and two basement floors. Even before commencement of construction Vermehrt Group managed to rent the property out on a long-term basis to tenants of prime standing, such as to the local office of Public Employment Service Austria (AMS) for the 10th district of Vienna.
“The excellent location of the property in the centre of the pedestrian area and the stable cash flow this purchase will generate for LLB Semper Real Estate in the long term convinced us”, says a delighted Louis Obrowsky, managing director of LLB Immo KAG.
In addition, the company plans to have the property certified in accordance with the Platin Standard of the Austrian Sustainable Building Council (ÖGNI) to meet the high requirements regarding sustainability and energy efficiency as defined in the EU taxonomy and ESG guidelines. “By endeavouring to obtain this certification we create a sustainable flagship project for our fund, which is of special importance to our fund investors. And we will contribute significantly to achieving the ambitious sustainability goals for reducing carbon dioxide emissions”, adds Louis Obrowsky.
The transaction was negotiated by EHL Investment Consulting, which is part of the EHL Group. LLB Immo was advised in legal matters by DSC under the leadership of Dr. Wilfried Seist, in tax matters by TPA, Mr. Erich Resch, and in technical matters by IC-Consulenten. The parties agreed to maintain secrecy about the purchase price.
LLB Immo Kapitalanlagegesellschaft m.b.H. – a subsidiary of Liechtensteinische Landesbank (Österreich) AG, looks back on more than 15 highly successful years in working with real estate investment funds. It currently manages the multi-award winning LLB Semper Real Estate retail fund, a large-investor fund, two special funds and another retail fund of a total volume of some EUR 1.5 billion. LLB Immo KAG's experienced management team, which over the past few years has seen its numbers steadily reinforced with established experts, constantly works on sustainably expanding the company's overall portfolio.
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