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Nuveen Real Estate sells Austrian retail park to international insurance group

Strip mall parking lot
  • Sale of the Pannonia retail park from a special vehicle managed by Warburg-HIH Invest Real Estate
  • Located in Neusiedl, Austria, with a total rental space of c. 8,200 sq m (c. 88,264 sq ft)
Nuveen Real Estate, one of the largest investment managers globally, has sold the FMZ Pannonia retail centre in Neusiedl, Austria, to international insurance firm, ERGO Versicherung AG. The ERGO Versicherung in Austria is part of the ERGO Group AG, headquartered in Düsseldorf, Germany.

The property was acquired in 2006 on behalf of a special strategy managed by Warburg-HIH Invest Real Estate, for which Nuveen Real Estate is the asset manager.

FMZ Pannonia is located in Neusiedl am See, about 50 km southeast of Vienna. It is located near the exit of the A4 motorway, at the entrance to the centre of Neusiedl, and is in the immediate vicinity of the McArthurGlen Outlet Centre in Parndorf.

The building has a total rental area of approximately 8,200 sq m (c. 88,264 sq ft), with anchor tenants including Penny, Tedi, DM, Takko, Pearl, Ernsting's Family, My Shoes, Zoo Center, Bank Austria, and a pharmacy.

"Our active asset management for the Pannonia retail centre has created a robust tenant mix with strong rental conditions, which helped to create significant of interest in the property among investors and ultimately resulted in a sale at a competitive price", commented David Moese, Managing Director of Nuveen Real Estate in Austria.

Nuveen Real Estate was advised by the team of Dr. Stephan Größ, Partner of EY Law Pelzmann Gall Rechtsanwälte, and brokered by EHL Immobilien Consulting GmbH.
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This press release is intended for trade press only. Please do not redistribute.

Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority.

Nuveen Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services.

Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.