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PGIM Real Estate signs €500M Vienna office deal

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PGIM Real Estate signs €500M Vienna office deal

Insurance company Prudential Financial Inc.'s unit PGIM Real Estate signed a forward-purchase agreement with Austrian property company Signa Group for an office portfolio in Vienna for more than €500 million, IPE Real Assets reported.

The company signed the deal for the 130,000-square-meter portfolio on behalf of its clients, consisting of three German and Swiss pension schemes, according to the Oct. 4 report.

The portfolio, currently under construction, comprises two office buildings and a mixed-use building, in Prater Stern, an established office location near Vienna's city center.

According to the publication, UniCredit Bank Austria AG will move its headquarters to the two main office buildings under an 18-year lease deal upon the completion of construction, which is expected in 2018.

The third building will include a hotel operated by Roomz, a conference center, a canteen, a kindergarten and other facilities.