The Austrian real estate group UBM has concluded another deal with the DAX company Vonovia. The Bochum company acquired the Nordbahnviertel project with 181 apartments from UBM in Vienna for around 50 million euros. The sale has an impact of 24.9 million euros on UBM’s total output, which is expected to affect the company’s figures between the third quarter of the current year and the third quarter of 2022 – when the project is to be completed. UBM held 50 percent of the shares in the project.
“The residential asset class is the current winner and we are in a top position here with 3,500 apartments under development,” said UBM CEO Thomas G. Winkler on Monday. Around 45 percent of the Austrian pipeline, with a total volume of 2 billion euros, is for residential construction. “The high cash position allows UBM to expand the development pipeline in the residential and office area even further,” said UBM.
At a glance – chart and news: UBM Development