Schoenherr and SCWP Schindhelm have advised a joint venture company consisting of an investor group led by Erwin Krause and Franz Kollitsch, and Austrian property developer UBM Development on the acquisition of UniCredit Bank Austria subsidiary Ekazent Group.
The closing took place on Tuesday 31 January 2017.
Schoenherr supported the investor group, formed around the real estate investors Erwin Krause and Franz Kollitsch on the formation of the 50/50 joint venture and the acquisition of the property portfolio, and provided competition law advice.
SCWP Schindhelm advised UBM on the 50/50 joint venture as well as on the acquisition of the property portfolio. Moreover, SCWP Schindhelm counselled the joint venture company on the financing of the acquisition.
The Austrian real estate developers and investors Erwin Krause and Franz Kollitsch have already carried out several real estate projects, such as the purchase of the Hilton Hotel at Stadtpark in Vienna.
For over 50 years, Ekazent has built and managed commercial properties in Austria. Ekazent has a portfolio of 28 properties – mostly in the form of rental and building rights – with a 65.000m2 leasable area for local suppliers to shopping centres located in densely populated neighbourhoods in Vienna.
The Schoenherr team consisted of Michael Lagler (partner, real estate), Arabella Eichinger (counsel, real estate) and Franz Urlesberger (partner, eu & competition).
The SCWP Schindelm team was led by corporate m&a partner Immanuel Gerstner, who was supported by attorney Lukas Leitner. The seller was advised by Freshfields Bruckhaus Deringer (Farid Sigari-Majd, Felix Neuwirther und Noel Zamani).