KTB Investment seals $326 mn acquisition of Vienna office building

KTB Investment & Securities Co. Ltd. has recently completed the acquisition of an office building in Vienna used as the Austrian headquarters of T-Mobile for around 390 billion won ($326 million).

To buy the T-Center, the South Korean brokerage firm had raised 190 billion won through its private real estate fund and borrowed the remainder from local banks, the company said on May 15.

KTB expects to earn stable returns from the 12-story building, completed in 2004, noting that the remaining lease terms of tenants average 16 years.

“Office building prices in western Europe have risen sharply due to intense competition. But Austria generates greater returns relatively, so we can achieve both stability and profitability there,” KTB said in a statement.

Last August KTB Investment bought a new office building within the Brussels Airport complex for around 180 billion won.