SJ BERWIN has helped longstanding client Matrix European Real Estate Investment Trust sell an iconic European property.
The firm assisted Matrix in disposing of the IZD Tower in Vienna to a joint venture between Signa Recap Development Fund I and a German insurance group, for a headline price of e212.3m (£181.9m).
Lead partner Steven Cowins said: “The financial arrangements were hugely complex due to Austrian stamp duty obligations. Things were further complicated by the fact that Lehman Brothers arranged the original loan, so we had to deal with Linklaters to get the security released over the building.
“Getting the Austrian land registry to understand [the issues involved] required lateral thinking, while there were also negotiations with tenants,” he added.
Cowins worked with partner David Ryland.
Wolf Theiss advised on Austrian law, led by partner Nikolaus Paul.