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Westcore Enters Austria With $108M Investment

VIENNA-The San Diego-based firm pays Phillips Electronics NV $83.07 per sf for a three-building office, industrial and manufacturing portfolio totaling 1.3 million sf on 62 acres.

By Alex Finkelstein | Updated on March 02, 2007

VIENNA-Four months after opening a European office in Lausanne, Switzerland, San Diego-based Westcore Properties LLC has closed its first deal in neighboring Austria. The private investment firm paid Phillips Electronics NV $108 million or $83.07 per sf for a three-building office, industrial and manufacturing portfolio totaling 1.3 million sf on 62 acres in Vienna.

Westcore chairman Marc Brutten says he expects to close on another 175,000 sf of Austrian real estate in the next 30 days. He says the closed 1.3-million-sf transaction “represents an important strategic move for Westcore.” Brutten adds, “With our first European venture outside of Switzerland, we have demonstrated our desire to become a major player on the European real estate stage.”

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