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IZD Tower Disposal, Vienna, Austria


London, 20th May 2010 – Matrix European Real Estate Investment Trust Limited (MEREIT) completed the disposal of its 100% interest in Vienna-based IZD Tower on May 4, 2010. The property SPV has been acquired by a joint venture between Signa Recap Development Fund I and a large German insurance group for a price of €212.25 million.   The 38-storey property is the largest office building in Vienna at approximately 63 000 m² and is fully leased to a number of domestic and international occupiers including OMV, Borealis, Ernst & Young and Oracle.   Matrix was advised by Jones Lang LaSalle and Valartis Europe.
     
Stephen Miles, Director EMEA Capital Markets, Jones Lang LaSalle said: “This represents one of the largest single asset office transactions in Europe in the last 18 months and demonstrates that there is investor strength and depth for good quality assets, despite macroeconomic conditions that remain challenging across many markets.”