Commenting on Schoenherr's role in this acquisition, Schoenherr partner and team lead Michael Lagler said: "We advised Art-Invest on all real estate law aspects of the transaction."
The residential project is a joint venture between PREMIUM Immobilien AG and ARE Austrian Real Estate Development GmbH, who are the sellers of the apartments. The acquisition by Art-Invest was conducted on behalf of a residential investment fund for a German institutional investor.
Eight hundred apartments, 240 parking spaces and 850 bicycle parking racks will be built as part of "The Ensemble" residential project in Vienna's third district located next to the Danube canal. Comprising an entire building block, the project will also include a 7,000 m2 public park. The completion of the project is expected in the first quarter of 2020.
Art-Invest Real Estate is a real estate project development and investment company with headquarters in Cologne, Germany. The company invests in well-positioned office, retail and hotel properties with value creation potential in major metropolitan locations in Germany and now Austria.
The Schoenherr team advising Art-Invest was led by Michael Lagler (partner, real estate & construction) and Arabella Eichinger (counsel, real estate & construction), who were supported by Laurenz Schwitzer (attorney at law, banking, finance & capital markets), Alexander Babinek (attorney at law, real estate & construction) and Ayla Ilicali (attorney at law, real estate & construction).
Art-Invest was also advised by Drees & Sommer, TPA tax advisory, Arnecke Sibeth, and K&L Gates.
In 2017 the Schoenherr real estate transaction team, led by Michael Lagler, advised on the acquisition of DC Tower 1 – the tallest office and hotel building in Austria – and the OMV headquarters in Vienna by German real estate investor Deka Immobilien.