25.11.2024
Erste Group refinances landmark property Wien-Mitte in Vienna
- Erste Group extends €320 million refinancing to an investment fund managed by Morgan Stanley Real Estate Investing for Wien-Mitte
- Transaction marks Erste Group’s largest-ever individual real estate financing
- Refinancing underscores continued attractiveness of top-tier properties in Vienna‘s commercial real estate market
Erste Group Bank AG (“Erste Group”) is providing a €320 million refinancing to an investment fund managed by Morgan Stanley Real Estate Investing (“MSREI”) for Wien-Mitte, a multi-use trophy property located in the center of Vienna. Erste Group acted as sole underwriter and arranger, which is its single largest real estate financing to date.
Wien-Mitte comprises approximately 63,000 sqm of modern offices and an approximately 28,000 sqm shopping center called “The Mall”. Acquired by an investment fund managed by MSREI in 2015, Wien-Mitte is fully let on a long-term basis to anchor tenants such as the Austrian Ministry of Finance, multinational packaging and paper group Mondi, MediaMarkt, and supermarket operator SPAR. Wien-Mitte is located at a major transportation hub in central Vienna; its multiple transit lines include the City Airport Train, which provides a direct link to Vienna’s airport. Wien-Mitte is a “green” building with ESG credentials such as a DGNB Platinum certification and an ÖGNI Green Building status in line with EU taxonomy.