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VIENNA-Four months after opening a European office in Lausanne, Switzerland, San Diego-based Westcore Properties LLC has closed its first deal in neighboring Austria. The private investment firm paid Phillips Electronics NV $108 million or $83.07 per sf for a three-building office, industrial and manufacturing portfolio totaling 1.3 million sf on 62 acres in Vienna.

Westcore chairman Marc Brutten says he expects to close on another 175,000 sf of Austrian real estate in the next 30 days. He says the closed 1.3-million-sf transaction “represents an important strategic move for Westcore.” Brutten adds, “With our first European venture outside of Switzerland, we have demonstrated our desire to become a major player on the European real estate stage.”

The Westcore acquisition from Phillips consists of Green Park Center, a class A office property; High Tech Center, an office and industrial park; and Tech Park Vienna, a manufacturing and office campus. Brutten says his firm is redeveloping and renovating the portfolio to attract new tenants and to allow existing tenants to expand their space.

Since its formation in 2001, Westcore and its principals have invested more than $1 billion in properties totaling more than 10 million sf. Besides San Diego and Lausanne, the company has offices in Los Angeles, San Francisco and Denver.

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