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Greystar pays €180m for Vienna residential tower

[Image: Squarebytes ]

Rental residential property specialist Greystar Real Estate Partners has acquired a 380-unit residential project in Vienna’s Brigittenau district for €180 million.

The asset at 90 Dresdner Strasse in Brigittenau, the 20th district of Vienna, has been acquired as part of Greystar’s collaboration with an institutional investor to build a diversified rental housing portfolio in Germany and Austria.

Austrian project developer S+B Gruppe, is selling the fixed-price turnkey project which has 29 upper floors, and will comprise 119 serviced units at the base and 265 privately financed rental units with 1–4 rooms on the upper floors.

The development is close to the city centre and adjacent to the neighbourhood development of the site of the city’s former north-west rail station. Construction is due to start in September 2022, with completion scheduled for September 2026. The building permit has been in place since October 2021.

“The Vienna market for rental apartments continues to be undersupplied with high-end, new institutional-quality properties,” said Greystar’s senior managing director – Europe, Mark Allnutt.

“The investment will help build a diversified portfolio of institutional-quality rental housing through forward purchase, forward funding and owned projects.”