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12 April 2022
press release

Austria: Schoenherr advises Vermehrt Group on sale of former TLAPA building

Schoenherr advised Vermehrt Group on its sale of the former TLAPA department store to LLB Semper Real Estate, as well as on a long-term lease agreement with the serviced apartments operator limehome for the building, which is currently under reconstruction.

The famous "TLAPA" was a widely known clothing department store in Vienna's 10th district. Vermehrt is remodelling the structure into a mixed-use office and commercial building that will contain retail and office space as well as serviced apartments and underground parking. The building is slated to receive ÖGNI Platinum certification, in view of the high requirements for sustainability and energy efficiency in terms of EU taxonomy and ESG guidelines. Completion is scheduled for Q3 2024.

Even before starting the construction, Vermehrt was able to conclude long-term lease agreements for the property, including with limehome for the operation of approximately 130 serviced apartments.

"We are pleased to have assisted Vermehrt in the negotiation of the lease agreement with limehome and the successful sale of this well-known property to LLB Semper Real Estate," said Schoenherr partner Arabella Eichinger, who led the team and was supported by Tabea Moser (associate).

Vermehrt GmbH is a real estate developer, part of the Vermehrt AG group, and based in Vienna. Founded in 2014, it provides total real estate solutions throughout Europe with a full range of services from concept to market analysis, project development, planning and project management to financing, leasing, sales and asset management.

The Schoenherr team led by partner Arabella Eichinger comprehensively advises on real estate development projects and transactions. The advice to the Vermehrt Group on the seller side is part of a series of forward-funding and forward-purchase transactions the team successfully handled in Vienna in 2021. Most recently, Arabella Eichinger and her team Constantin Klausegger, Tabea Moser and Carina Fürnkranz (associates) advised Catella on the purchase of the properties "Am langen Felde 59", "Laaer Wald", "St. Gotthard Straße" and "Höchstädtplatz", Commerz Real on the purchase of "Viehmarktgasse 4", in which the serviced apartments operator iLive opened the "Rioca Vienna Posto 2" last year, GalCap Europe on its acquisition of the projects "Am langen Felde 44", "Am langen Felde 52" and "Floridsdorfer Hauptstraße 7", and an Austrian real estate investor on the purchase of "Workstation Wien West" from Nuveen Real Estate.