Schoenherr has advised a group of investors around Erwin Krause and Franz Kollitsch – counselled by INVESTER, an Austrian property investment manager – on the formation of a 50/50 joint venture with SIGNA, and on the acquisition of BAI Bauträger Group 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.

The financial terms of the transaction will remain confidential.

BAI is an indirect subsidiary of UniCredit Bank Austria. BAI has an investment volume of approximately €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. Fellner Wratzfeld & Partner Rechtsanwälte supported the sellers.