Wealthcore Investment Management, a German real estate asset management firm, has purchased the Hilton Parkview hotel in Am Stadtpark, Vienna, Austria.

In a joint venture with Mastern Investment Management, Wealthcore Investment bought the 50,000 square meters property for 370 million euros ($415 million).

Under the deal, Mastern Investment Management acted on behalf of Meritz Securities, Hana Financial Investment and NH Investment & Securities.

Wealthcore noted that an upgrade and extension of the hotel, which will comprise in excess of 660 rooms and 241 car spaces, for $84 million has already commenced.