Matrix Makes $265M Office Deleveraging Sale

VIENNA-The Guernsey-registered Matrix European Real Estate Investment Trust earlier this month completed the disposal, for $265 million, of Vienna’s IZD Tower to a joint venture between Signa Recap Development Fund I and a large German insurance group.

The 38-story property is the largest office building in Vienna at some 678,000 square feet of floor space and is fully leased to firms including OMV, Borealis, Ernst & Young and Oracle. Stephen Miles, Director EMEA Capital Markets at Jones Lang LaSalle, which advised Matrix, said the deal is one of the largest single asset office transactions in Europe in recent months and, “demonstrates that there is investor strength and depth for good quality assets, despite macroeconomic conditions that remain challenging across many markets.”