Korean/German JV buys Vienna Hilton

The Hilton Parkview in Vienna is a major conference hotel. Photo credit: Hilton

Munich- and Vienna-based asset manager Wealthcore Investment Management has acquired the 660-room Hilton Parkview hotel in Vienna through a joint venture with the Korean asset manager Mastern Investment Management. 

Mastern acted on behalf of three Korean investors: Meritz Securities Co. Ltd., Hana Financial Investment Co. Ltd. and NH Investment & Securities Co. Ltd. The purchase price was reportedly €370 million.

"With the acquisition of this landmark property we have been able to secure for us and the Korean investors a solid and high-quality investment, and this in a highly competitive market," said Christoph Wendl, managing partner of Wealthcore Investment Management. "The property offers our Korean investors an attractive opportunity for a long-term investment in the heart of Vienna. With our co-investment, we further demonstrate our own commitment to the property and the market. Vienna as a hotel and congress location is prospering and continues to attract international companies, investors and tourists."

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Wealthcore Financial Services secured the long-term debt financing through a consortium of Bank Austria and Raiffeisen Bank International and also advised the investors. Wealthcore was advised on legal matters by DLA Piper Frankfurt, Vienna and Luxemburg. PwC Vienna and Luxembourg were responsible for tax consultancy and technical advice was provided by iC Consulenten Ziviltechniker, Vienna. In addition Savills Frankfurt, London and Seoul and PKF hotelexperts, Munich advised on the transaction.

Wealthcore is currently working on further acquisitions in Germany, Austria, the Belgium-Netherlands-Luxembourg region as well as the United Kingdom.