OTTO Immobilien brokered two apartment buildings in Vienna, which were previously part of Generali Versicherung's portfolio. The transactions involved properties at Praterstraße 66 in the 2nd district and Löwengasse 47a in the 3rd district. Marketing was conducted under a co-exclusive mandate in cooperation with CBRE. These sales complete the full placement of Generali's larger apartment building portfolio.
The disposals underscore the continued demand for high-quality apartment buildings in prime Viennese locations. A primary criterion in the valuation of such properties is compelling property quality, which significantly influences their attractiveness to investors.
Properties and Buyer Structures
The apartment building at Praterstraße 66, located in the immediate vicinity of Nestroyplatz, was sold to an Austrian family office. The buyer intends to hold the property in its portfolio long-term, thereby securing a lasting store of value.
The property at Löwengasse 47a, known as Palais des Beaux Arts, was acquired by a joint venture consisting of two apartment building developers. This consortium plans a revitalisation of the Palais, which features characteristic stylistic elements of late Historicism and Art Nouveau. The planned development aims to preserve the historical value of the property while enabling modern use.
Market Assessment and Process
The Investment Marketing team at OTTO Immobilien, comprising Lukas Tröthandl, Georg Kretschmer, Michael Walter, and Philipp Maisel, played a key role in the transactions. Philipp Maisel, Head of Investment at OTTO Immobilien, commented on the successful completion: The apartment building portfolio was placed as part of a structured sales process. The achieved purchase prices confirm the continued good functioning of the Viennese Gründerzeit market. He emphasised the trusting cooperation of all parties involved.
Properties in established residential areas remain particularly sought after, where the quality of the building fabric, development potential, and prospects for long-term value stability optimally converge. These criteria are decisive for the current valuation and future performance of apartment building investments in Vienna.
