JP Immobilien, one of the major players on the Vienna real estate market for around 30 years, has acquired the Kärntner-Ring-Hof in the center of Vienna from Zurich Versicherungs-Aktiengesellschaft. This significant purchase marks the largest real estate deal of 2024 in Austria to date – with a total purchase price of over €100 million. The takeover will take place this year.
The building, which was built in 1993 after the fire and demolition of the Steyr building, is located in the immediate vicinity of the Vienna State Opera directly on Vienna’s Ringstrasse and is therefore located in one of the most prime locations in Vienna.
Over the next 14 months, JP Immobilien will carry out extensive renovation and modernization measures to give the striking Ringstrasse property a fresh, contemporary concept. The plan is to retain the “high street” concept, i.e. only street-side access to the individual shops in the future.
„We are pleased to be expanding our portfolio in the areas of shopping and dining with the Kärntner-Ring-Hof, but also to create first-class residential and office space as usual
“, explain Reza Akhavan and Daniel Jelitzka, the managing directors of JP Immobilien. “Our goal is to sustainably increase the diversity and quality of life in this central urban area with the help of the project
.“
The transaction was supported by CBRE and on the legal side by HSOA Rechtsanwälte and ONZ & Partner Rechtsanwälte, as well as Bank Austria.
With around 30 years of experience in the area of apartment building development, as well as in the national and international hospitality sector, JP Immobilien has the necessary expertise to fully exploit the potential of the Kärntner-Ring-Hof.
OTS ORIGINAL TEXT PRESS RELEASE UNDER THE EXCLUSIVE RESPONSIBILITY OF THE SENDER FOR CONTENT – WWW.OTS.AT | JPI