Austria: Schoenherr advises UNION Investment on prominent real estate transactions in Vienna
Schoenherr has advised UNION Investment Real Estate GmbH, one of European leading property investment management companies, on several prominent real estate acquisitions that the Hamburg-based group has made in Vienna.
2015-07-02 17:51:03
Most recently, UNION Investment purchased the space2move office complex (a LEED Gold-certified project with approximately 50,000 sqm of lettable space split across three objects that is located in Vienna′s nineteenth district) from Raiffeisen Property Holding International (RPHI) for an overall deal volume of EUR 185 million. The closing for space2move′s third and final object took place on 30 June 2015; the closing for the other completed objects had already taken place at the end of April 2015.
A Schoenherr real estate team led by Michael Lagler (partner) and Arabella Eichinger (counsel), and also consisting of Ayla Ilicali (attorney), Serap Aydin (associate) and Dieter Wohlmuth (associate) advised UNION on the drafting and negotiation of the transaction documentation and the signing and closing of the space2move transaction. RPHI was advised by Binder Grosswang.
In addition to space2move, Schoenherr has also advised UNION Investment on investments that the German group has made into Green Worx, the first LEED Platinum-certified office complex in Austria. Green Worx, which is located in Vienna second district, has been jointly developed by the S+B Group and Raiffeisen-Holding Niederösterreich-Wien. UNION Investment initially acquired four buildings (UNITS 1-4) with approximately 16,000 sqm of office space and underground parking in a transaction signed in March 2014 for a deal volume of EUR 50 Million. In November 2014, another group member of UNION Investment, UNION Investment Institutional Property GmbH, signed a purchase agreement for three further Green Worx objects: two ibis hotels (an ibis with 158 rooms and an ibis budget with 250 rooms) and UNIT 5 (a building with approximately 3,400 sqm of office space).
Schoenherr advised UNION Investment on the drafting and negotiation of the transaction documentation, the signing, and the closing for these transactions, which were closed in February 2015 and April 2015, respectively.
The Schoenherr team advising UNION Investment on its Green Worx investments was led by Michael Lagler (partner) and Arabella Eichinger (counsel), supported by Wolfgang Tichy (partner), Claudia Barnhouse (associate), Teresa Goriany (associate), and Dieter Wohlmuth (associate). Green Worx′s developers were advised by Hule Bachmayr-Heyda Nordberg (Vienna).
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