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UBM Development sells Vienna office complex for €69M

Austrian hotel developer UBM Development AG said Jan. 8 that it sold the revamped Office Provider complex in Vienna's Favoriten district for €68.8 million to a fund managed by South Korea-based Inmark Asset Management.

The fully occupied office asset, which was sold in late December 2018, contains a nearly 500-vehicle parking garage and 18,500 square meters of leasable space spread across seven stories, with one floor serving as UBM's headquarters.

UBM built the property in 2001 and repurchased it from Sachsenfond in late 2016 before revamping it.