Vienna's Otto-Wagner Postsparkasse building put up for sale

The historic Otto-Wagner-designed Postsparkasse building in central Vienna has been put up for sale. EHL Investment Consulting has been commissioned by the insolvency administrator of the owner company, part of the Signa Group, to manage the sale of the landmarked property.

The building currently houses various institutions dedicated to art, culture, research, and science. Under an existing building rights agreement, the property is leased to the state-owned Bundesimmobiliengesellschaft (BIG) until the end of 2118. The lease payments are indexed to the consumer price index, providing a value-secured cash flow. Notably, the owner has no maintenance or repair obligations during the term of this agreement, and the building will transfer to the landowner without compensation at the end of the lease.

The contract between BIG and the now-insolvent Signa Group, led by investor René Benko, previously faced criticism from the Court of Audit regarding compliance issues and a lack of competition. Despite this, EHL Investment Consulting expects significant interest from both national and international private and institutional investors, such as pension funds, due to the secured cash flow.