Austria: Schoenherr advises on the acquisition of BAI Group by SIGNA and investor group JV

27 January 2017 | deal news

Schoenherr has advised a group of investors around Erwin Krause and Franz Kollitsch – counselled by INVESTER United Benefits GmbH, an Austrian property investment manager – on the formation of a 50/50 joint venture with SIGNA, and on the acquisition of BAI Bauträger Group ("BAI") by the joint venture. The signing of the purchase agreement took place on 25 January 2017, and the transaction is now subject to competition authority approval and the satisfaction of customary closing conditions. The financial terms of the transaction will remain confidential.

BAI is an indirect subsidiary of UniCredit Bank Austria. BAI has an investment volume of approx. EUR 1.7bn, a current portfolio of 18 projects and a development portfolio of more than 440.000 m². Some of the more current residential development projects in Vienna are "Parkside", "Trienna", "Eurogate", "Wohnen am Schweizergarten" at Vienna's main train station, and "Donaumarina – Apartments".

The Schoenherr team advising on the transaction was led by Michael Lagler (partner, real estate) and further included Florian Kusznier (partner, corporate/m&a); Robert Bachner (partner, corporate/m&a); Franz Urlesberger (partner, eu & competition); Stefanie Stegbauer (counsel, eu & competition); Julia Wasserburger (attorney, corporate/m&a); Serap Aydin (associate, real estate); Natalia Wolfschwenger (associate, real estate); Teresa Waidmann (associate, labour & employment); and Lukas Solek (associate, eu & competition).

SIGNA was advised by ARNOLD Rechtsanwälte GmbH (Dr. Nikolaus Arnold, Dr. Bernhard Vetter von der Lilie). Fellner Wratzfeld & Partner Rechtsanwälte GmbH (Dr. Markus Fellner, Mag. Irena Gogl-Hassanin, Mag. Christoph Postl) supported the sellers.