PGIM Real Estate has sourced a €300 million loan from Allianz Real Estate and Helaba to finance the purchase of more than half of the Austria Campus office complex in Vienna.
Last October, PGIM acquired the first three elements of the scheme on behalf of German and Swiss institutional investors. The purchase, compising about 130,000 square metres of lettable space, was valued at more than €500 million, which implies a 60 percent loan-to-value financing.
The three buildings of the Austria Campus scheme were bought from Austrian developer Signa, which will continue to develop the project.
After completion, expected in 2018, UniCredit Bank Austria will establish its headquarters in the new campus. The Roomz Design Hotel will also be one of the main tenants of the site, which is already 90 percent let.
Located close to Vienna University of Economic Sciences, the project will comprise six buildings and will include more than 200,000 square metres of office space.