UBM and S IMMO hand over QBC 1&2 office project in Vienna Successful closing of this EUR 230m major project
The joint venture partners, UBM Development (66%) and S IMMO (34%), sold the prestigious QBC 1&2 project to EPH European Property Holdings as a forward deal already in mid-2019. The closing has now taken place on 29 December 2020. This represents the successful completion of the last two construction sections in the Quartier Belvedere Central (QBC) urban development project directly at Vienna’s Main Railway Station with a total volume of more than EUR 450m.
The closing covered the QBC 1&2 office properties with 38,700 m² of rentable space and an underground garage with nearly 680 parking spaces. The QBC 1&2 is currently one of the most popular office sites in Vienna, which shows that the demand for high-quality office space at prime locations is still high.
“The project was completed on schedule despite two lockdowns“, explains Thomas G. Winkler, CEO of UBM Development AG on the successful closing.
Ernst Vejdovszky, CEO of S IMMO AG, underscores his satisfaction: “This successful sale – in spite of the complicated conditions – marks the end of a flagship project.“
The QBC – a convincing location and infrastructure
The selling price for the QBC 1&2 and underground garage totals over EUR 230m, whereby more than EUR 150m are attributable to UBM and roughly EUR 80m to S IMMO. The decisive features of the QBC include state-of-the-art office space at a central location combined with the mobility hub at Vienna’s Main Railway Station and a diverse infrastructure offering that includes shops, hotels, restaurants and recreational facilities. Through its attractive living and working environment, this urban quarter at the Main Railway Station has become a new financial district as well as a “place to be“ in Vienna.
The total area of roughly 25,000 m² in the QBC was initially divided into six construction sections. The QBC 1&2 sections represent the last site, where work started at the beginning of 2018 and has now been completed. Offices comprise roughly two-thirds of the 130,000 m² gross floor space (excluding the underground garage). Condominiums and serviced apartments as well as two hotels and an attractive restaurant scene guarantee that this new urban quarter also remains lively after the end of the working day.