Austria: Schoenherr advises KTB Investment & Securities and KTB Asset Management on the acquisition of the T-Center
Schoenherr has advised South Korean investment fund KTB Investment & Securities and KTB Asset Management on the indirect acquisition of the T-Center, one of the largest and most famous office buildings in Vienna, from GENO Saturn Tower/T-Center Immobilienbeteiligungsholding GmbH & Co.OG and BEGO - ZWP GmbH.
The transaction involved the acquisition of 100 % of the shares in mm Liegenschaftsbesitz GmbH, which owns the T-Center office building. The closing of the transaction occurred on 1 April 2019. The terms of the transaction remain confidential.
Schoenherr provided comprehensive legal support to KTB, including due diligence review; drafting and negotiating of the transaction and financing documentation; the merger clearance process; the w&i insurance process as well as various corporate pre- and post-closing restructurings.
"We are proud to have provided extensive legal advice to one of the largest investments and financial services providers in South Korea. This acquisition marks KTB's first landmark investment in Austria, so it makes this transaction even more memorable" said Schoenherr real estate and managing partner, Michael Lagler.
The T-Center was constructed in 2004 and is regarded as one of the landmark office buildings in Vienna due to its remarkable design. Core tenants of the T-Center are T-Mobile Austria and its Austrian subsidiaries, which are also headquartered in the building. The building comprises 12 upper and five underground floors, totalling lettable space of over 83,000 sqm.
The team at Schoenherr was jointly led by Michael Lagler (partner, Vienna, real estate) and Clemens Rainer (attorney at law, Vienna, real estate), who were supported by Roman Perner (partner, Vienna, corporate/m&a); Franz Urlesberger (partner, Vienna, competition); Laurenz Schwitzer (attorney at law, Vienna, banking & finance) as well as further team members from the various practice groups.
The sellers were advised by DSC Doralt Seist Csoklich Rechtsanwälte GmbH, led by Wilfried Seist.