UBM subsidiary STRAUSS & PARTNER and S IMMO AG acquire the entire Quartier Belvedere Central
Quartier Belvedere Central at Vienna Central Station, a project developed by the UBM subsidiary STRAUSS & PARTNER, is enjoying increasing popularity and is part of one of the largest urban development projects currently under way in Vienna. On a site spanning more than 25,000 m², UBM Group is developing state-of-the-art and sustainable residential, office, and hotel properties offering roughly 130,000 m² of gross floor space. This week, the final, important steps were taken to ensure the successful realisation of the project going forward.
The QBC project was originally initiated by a consortium made up of ERSTE GROUP Immorent, S IMMO AG, and STRAUSS & PARTNER, and at the end of 2013 was taken over by STRAUSS & PARTNER, which initially assumed overall responsibility for the development. Pursuant to this agreement, the first two project companies were acquired at the beginning of 2015. STRAUSS & PARTNER assumed control of the remaining four project companies on 24 November 2015. S IMMO AG holds equity interests in individual project companies amounting to 35% of the shares and thus remains a proven partner in the project. With these measures, QBC is optimally positioned for the next development steps and the future realisation of the construction work.
Claus Stadler, COO of UBM Development AG and Managing Director of STRAUSS & PARTNER had the following comment: “The desire of S IMMO, a leading real estate company that is listed on the stock exchange, to take a 35% stake in the development of QBC is a further testament to the quality of the location directly at the new Vienna Central Station.” Stadler continued, “The involvement of S IMMO, which has now been finalised in contractual terms, is also in line with our plan of taking on strategic partners at an early stage.”
Friedrich Wachernig, CEO of S IMMO AG, added: “As a real estate investor, we believe in this exciting and promising location in our home city. With STRAUSS & PARTNER, we have a well-known and competent company – and thus the perfect partner – at our side. Together, we will realise the full potential of this development project.”
Development of QBC surpassing expectations
With the ÖBB headquarters, Vienna Central Station going into full operation, and ERSTE GROUP set to move into its new headquarters at the turn of the year, the development of the Quartier Belvedere site is progressing very positively and quickly. This new urban district is already being received very well by the public and, although it is still under construction, is already attracting the interest of international investors. The negotiations for the sale of the office spaces and the privately financed flats are yielding higher-than-expected results. Thus, UBM Development AG’s assumption that Quartier Belvedere Central will prove to be a large-scale, successful district development has been resoundingly confirmed.
Office and retail spaces account for roughly two-thirds of the 130,000 m² of total gross floor space. However, owner-occupied flats and serviced apartments as well as two Accorgruppe hotels will also be built here by the beginning of 2017. The cornerstone for the two hotels was laid in July 2015, and the realisation of the next construction phase, which includes the first office spaces and the privately financed owner-occupied flats, is scheduled for spring 2016. The entire site including the office properties located on the Gürtel beltway is set to be completed at the end of 2018.