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07 May 2024
press release

Austria: Schoenherr advises Euro Real Estate on acquiring "City Tower Vienna"

Schoenherr advised Euro Real Estate Holding S. à r.l. (EURO REAL ESTATE) on the indirect acquisition of the City Tower Vienna (Justizzentrum Wien Mitte) via United Benefits Holding from IMMOFINANZ AG.

With the purchase price being over EUR 150m, this deal marks the biggest office real estate transaction on the Austrian market so far in 2024. The office building comprises a lettable area of approx. 26,600 m² and is home to the Commercial Court Vienna, the district court for commercial pleas, and the district court for Vienna, Inner City.

"It was a challenging transaction in a very difficult market environment. Thanks to teamwork and the cooperative attitude of everyone involved, the transaction was successfully closed," said Michael Lagler, head of Schoenherr's real estate practice group.

"The specific structure of the transaction, along with the pre-emptive right in favour of the Republic of Austria, made it one of the most complex real estate transactions in Austria in recent years. It was a pleasure being alongside EURO REAL ESTATE and United Benefits Holding and supporting them on their trophy asset investment strategy", said Clemens Rainer, who led the Schoenherr team together with Michael Lagler.

Euro Real Estate Holding S. à r.l. represents the real estate division of the Wilhelm von Finck family office.

IMMOFINANZ was advised by Jank Weiler Operenyi (partner Gabriele Etzl and team).

The Schoenherr team that advised on all aspects of the transaction consisted of Clemens Rainer (partner), Michael Lagler (partner), and Markus Buchleitner (attorney at law). The due diligence process was supported by Christoph Jirak (attorney at law), Yvonne Kraudinger (associate), and Jutta Mayer (associate).

The Schoenherr team advising on the financing aspects was jointly led by Laurenz Schwitzer (partner) and Mate Kovacs (attorney at law) and further consisted of Miriam Simsa (partner), David Trojer (associate), and Eva Arene (associate).

UniCredit Bank Austria AG was advised by Wolf Theiss (partners Leopold Höher and Marika Lomashvili and teams).