The Capital Markets team of Colliers Austria was exclusively commissioned by PEMA Group to sell the office tower “Porr Tower” located in the district Favoriten in the South of Vienna.
The subject property is a single-tenant office tower with high- and low-rise constructions with a total of about 16,700 sqm (high-rise: 25 levels; low-rise: 11 levels) and underground garage, with high visibility due to its unique location and striking exterior. The Tower is HQ of Porr AG - a well-known and creditworthy tenant with growth potential and about 13,800 employees worldwide. Porr AG is one of Austria’s leading construction companies and one of the most established in Europe. The lease agreement was extended ahead of schedule until 2033. In addition to that the modern and streamlined design, first-rate space as well as the good infrastructure within and around the building added to the appeal of this transaction.
The property was marketed on a global basis. Due to the long lease, especially Asian investors showed most interest. Finally, the transaction was closed by the end of 2017 and Porr Tower was sold to a consortium of Korean investors. The Korean Investment Trust “JR Qualified Investors Private Placement Real Estate Fund Investment Trust No. 1”, organized by the Korean investment firm JR AMC Co. Ltd., purchased 75 % of the shares of the SPV – the remaining 25 % stayed with PEMA Group.