Union Investment buys QBC 3 from UBM, S IMMO AG

UBM Development and S Immo AG have closed a forward deal with Union Investment on the third phase of Quartier Belvedere Central (QBC 3). Completion of this phase of the project at Vienna Central Station is due in autumn 2017. The office space at QBC 3 has been sold to Union Investment in a forward share deal based on a property value of around €30m in which UBM’s stake was valued at €19.5m. “The sale of QBC 3 can practically be seen as an early exit, as we only laid the foundation stone for the office building in June 2016”, says Michael Wurzinger, COO of UBM Development AG. “The recent sale reflects the quality of our development as well as the location selected for the project.” Union Investment will manage the property in its public real estate fund UniImmo: Global. At the time of the sale, 30 percent of the building had been pre-leased.