A refurbished Austrian warehouse at €916/sqm. Vacant today, ~7.7% gross once let.

Buy a fully refurbished 3,057 sqm industrial warehouse in Lower Austria at €916 per square meter (below replacement cost for a 2025-refurbished facility), let it to a tenant at the current market rate, and collect roughly 7.7% gross on the purchase price. Alternatively, lease it long-term at €18,000/month net without buying. The asset is acquired either directly by your EU company or into an Austrian SPV that issues tokens for fractional participation.

One fact dominates everything else in this deal, and I am putting it in the first section rather than burying it: the property is vacant today. The yield is projected on the listed lease rate, not earned on a signed lease. That changes how you underwrite it. This is a value-add play where the return depends on the lease-up, and the entire case rests on whether the property lets at approximately €18,000/month net for the full facility.

Four things make the lease-up credible rather than hopeful. The 2025 refurbishment means an incoming tenant inherits a turnkey facility, not a renovation project. The food-grade production permit history saves a food, packaging, or pharma tenant months of regulatory work, and the complete permit documentation is on file and transferable. The floor load capacity of 5 tonnes per square metre supports three-pallet stacking, heavy-duty racking, and unrestricted machinery placement, a spec that filters out most competing halls in the region. And the location, 1.3 km from the S33 expressway on the Vienna to Linz corridor, sits in a zone with real industrial demand and zero heavy-vehicle restrictions. None of that guarantees a tenant. It shortens the odds.

Unlike the equipment and inventory deals on the desk, this is straightforward real estate. You own land and a building. The structure is the only variable.

The asset

The structure

Two paths, covered in detail in section 07:

Direct purchase. Your existing EU company or a new Austrian SPV buys the whole asset at €2.8M plus acquisition costs. You own 100% of the building. Standard commercial real estate ownership.

Tokenized SPV. An Austrian SPV acquires the asset and issues tokens against it under ERC-3643. Multiple allocators participate from fractional tickets. Each token is a proportional claim on the SPV that owns the building. This is the route that makes a €2.8M asset accessible below the whole-deal level.

For the structuring terms behind either path, the tokenization pillar guide walks the wrapper choice, and the glossary defines the relevant terms (Austrian SPV, ERC-3643, freehold, cap rate, NOI).

Real estate has more layers between headline yield and cash in hand than the equipment deals, and a couple of them (acquisition costs, corporate tax) are big enough to change how you think about the deal. Here is the full walk.

Two numbers matter most and neither is the 7.7% headline. The first is ~6.6% cap rate on total capital deployed, which is the real yield once the acquisition costs are included. The second is ~5.1% net at company level after Austrian corporate tax, which is what the SPV actually retains once let. Both assume a signed lease at the listed rent, which does not exist yet.

The honest framing: this is a deal where you are buying a refurbished asset below replacement cost and underwriting a lease-up. If you let it at ~€18,000/month within a reasonable window, the stabilised return is ~5% net on DACH real estate, a number that institutional allocators recognise as solid for this jurisdiction and asset class. If the lease-up takes 18 months or lands at a lower rent, the returns compress accordingly. The upside beyond the yield is that you bought below replacement cost, so the asset value has a floor that the Romanian operating deals do not have.

A vacant warehouse is only worth underwriting if the building itself makes the lease-up credible. Five things do that here.

5 t/sqm floor load, built for heavy operations. The reinforced concrete floor handles 5 tonnes per square metre. That means three pallets stacked, heavy-duty racking at full 6.35 m height, and unrestricted machinery placement. Most competing halls in the region do not offer this spec. For a logistics tenant running high-density storage or a production tenant placing heavy equipment, this is a hard filter, and this building passes it.

Production-ready after the 2025 refurbishment. The refurbishment touched every technical system. Floors are epoxy-sealed reinforced concrete. Fire protection is TRVB S 123 with a Diginet fire-brigade link. Lightning protection meets EN 62305-3. Compressed air is a Kaeser 2,000-litre vessel rated to 15.7 bar. An incoming tenant inherits a working facility, not a renovation bill.

Licensed for food-grade production. The property held Gewerbebehörde permits for food-grade production. For a tenant in food, packaging, or pharma, that permit history removes months of regulatory groundwork. It narrows the tenant search to a specific, well-capitalised set of industries and gives them a concrete reason to choose this building over a generic shed.

Integrated energy lowers the tenant's operating cost. 43 kWp of photovoltaic on roof and façade, 50 sqm of solar thermal, and an own transformer station on site. Estimated energy cost reduction of ~€10,600 per year. In a period of elevated European energy prices, a facility that cuts a tenant's energy bill is materially easier to let. Energy certificate HWB 109 kWh/sqm·a (Class D), fGEE 0.86 (Class B), valid through 2036.

Motorway logistics. S33 expressway 1.3 km from the gate, A1 motorway via S33 connecting the Vienna to Linz corridor, Vienna about 60 minutes. Industrial-zone classification means no transport restrictions on heavy goods. For a logistics or production tenant, access is the first filter, and this property passes it.

None of these guarantee a tenant in month one. Together they explain why the lease-up is a credible underwriting case rather than a hope, and why the asking price at €916/sqm sits below what it would cost to replicate the refurbished facility today.

Every serious allocator asks the same question within the first two minutes: if this property is so good, why is it empty? Here is the honest answer.

The property was refurbished in 2025 and brought to market vacant. That is normal for a value-add disposal: the previous owner refurbished and is selling rather than letting first, which is why the price at €916/sqm is below what a fully-let equivalent would command. You are being compensated for taking the lease-up risk. A let property at this quality in this location would trade at a tighter cap rate. The vacancy is the discount.

What you are underwriting, specifically:

• Time to let. A refurbished, permit-ready, motorway-access industrial facility in Lower Austria with food-grade history and a 5 t/sqm floor typically lets within 6 to 18 months. Budget for 12 months of holding cost with no rent as a base case.
• Rent achieved. €18,000/month net is the listed lease rate for the full facility (~€5.90/sqm blended). The actual signed rent could land 5 to 15% above or below depending on the tenant and the lease terms. Model a range, not a point.
• Lease terms. Austrian commercial leases typically run 5 to 10 years with CPI indexation. A longer lease to a creditworthy tenant is worth accepting a slightly lower rent for, because it converts the value-add deal into a stabilised income asset and lifts the resale value.

If you are not comfortable underwriting a lease-up, this is not your deal, and that is a legitimate position. The Romanian operating deals on the desk produce income from day one. This one produces income after a tenant signs. The trade-off is that you buy below replacement cost and own DACH real estate with a value floor. Pick the trade-off that fits your portfolio.

1. Vacancy is the deal. The entire yield depends on letting the property. Until a lease is signed, you hold a refurbished asset producing zero income and costing money to carry (insurance, minimal maintenance, SPV overhead, financing if leveraged). This is not a tail risk, it is the central underwriting question. Everything in section 05 is about this one risk.

2. Single-tenant concentration. The 3,057 sqm size suits a single tenant. That keeps the deal simple while let, but it means a tenant exit at lease break leaves you fully vacant again, repeating the lease-up cycle. Multi-tenant subdivision is physically possible (three separate halls) but adds operating complexity. A single creditworthy tenant on a long lease is the goal; the risk is the gap if they leave.

3. Acquisition cost drag. Austrian property transfer costs run 8 to 9% (transfer tax 3.5%, registration 1.1%, plus legal and broker). On €2.8M that is €224K to €252K of cost that earns nothing and is recovered only through years of rent or resale. Real estate returns always carry this; it is bigger here as a percentage than the near-zero transaction cost on the equipment deals.

4. Flat capital values in Lower Austria. Regional Austrian industrial property is tracking sideways on price. The return case is stabilised cash yield once let, not capital appreciation. If your thesis depends on selling higher in five years, this is the wrong deal. If your thesis is buy-below-replacement-cost plus rental yield, the flat-value environment is exactly why the entry price is attractive.

5. Austrian corporate tax at 23%. Higher than the Romanian alternatives (16% standard, 1 to 3% micro-enterprise). The trade-off is jurisdiction quality: Austrian rule of law, EU-core legal certainty, and a tenant base that European institutional allocators recognise and underwrite without a second thought. You pay more tax for a stronger jurisdiction.

This is the deal on the desk where tokenization genuinely earns its overhead. A €2.8M single asset is exactly the use case the ERC-3643 stack was built for: an illiquid, indivisible building turned into tradeable fractional ownership with clean legal title.

Direct purchase

Your existing EU company or a fresh Austrian SPV buys the whole asset. You own 100%. Simplest structure, full control, no platform overhead. The right path if you have €3M+ to deploy into a single DACH real estate position and want the whole building. Acquisition through transfer, registry, and legal; the SPV holds the title.

Tokenized SPV

An Austrian SPV acquires the property and issues tokens against it under ERC-3643. The €2.8M is divided into fractional tokens, each a proportional claim on the SPV that owns the building. Multiple allocators participate from smaller tickets. This is the route that opens a €2.8M asset to allocators who want DACH real estate exposure but not a whole-building commitment.

What tokenization adds at this size that pays for itself:

• Fractional access. Allocators enter from a fraction of €2.8M rather than the whole ticket plus acquisition costs.
• Cleaner secondary. A token holder can sell their fraction through OTC matching without the months-long process of selling a whole building. Secondary liquidity for tokenized real estate is still thin (see the DD checklist, point 9), but it is structurally easier than disposing of the physical asset.
• Transparent cap table. The SPV's ownership is recorded on chain, with KYC enforced at every transfer, which institutional allocators increasingly expect.

The overhead (token issuance, platform fees of 0.5 to 1.5%, KYC enforcement, registry mechanics) is real, but on a €2.8M asset it is a small percentage and the fractional access is worth it. This is the opposite of the solar trading SPV, where the €121K ticket sat below the threshold and tokenization did not pay off. Here it does.

The Austrian warehouse is the lowest gross yield on the desk and the only one where income starts after a lease-up rather than from day one. What it offers in exchange is jurisdiction quality and a value floor: DACH real estate bought below replacement cost in a rule-of-law jurisdiction that European institutional allocators underwrite without hesitation. It is the right deal for an allocator who wants tangible Western European real estate and is comfortable underwriting a lease-up. It is the wrong deal for an allocator chasing the highest yield per euro or wanting income from day one.

For a side-by-side at your specific ticket and horizon, the calculator filters the live shelf and shows which deals fit. For how to run due diligence on any of these, the 9-point DD checklist applies directly.

Real estate moves slower than the equipment deals because of the legal and transfer process. The sequence:

1. Thirty-minute investment call. I walk you through the asset, the refurbishment scope, the tenant outreach already underway, and the lease-up underwriting. Fit for your ticket and whether you want the whole deal or a fractional SPV position.
2. Site visit and data room. Inspect the property in St. Pölten. Full data room: energy certificate, refurbishment documentation, permit history, broker materials. Independent verification of permits and condition is recommended at this stage.
3. Structure decision. Direct purchase through your EU company, or fractional participation through the Austrian tokenized SPV. The structure determines the legal path and the timeline.
4. Offer and legal. Offer at €2.8M, Austrian legal counsel engaged, transfer and registry process begins. Acquisition costs of 8 to 9% confirmed and budgeted.
5. Closing. Title transfers. The asset is held by your company or the SPV. Acquisition complete.
6. Lease-up. Tenant outreach continues through and after closing. The food-grade history, 5 t/sqm floor spec, and energy package drive the tenant search. First rent on lease commencement.

Total elapsed time from first call to closing is typically 6 to 10 weeks. The lease-up runs in parallel and after closing; budget 6 to 18 months to a signed lease as a base case.