27
Thu, Jul
51 New Articles

Schoenherr has advised real estate investment company Deka Immobilien on its acquisition of DC Tower 1 in Vienna, the tallest hotel and office building in Austria, from a UniCredit Bank Austria AG subsidiary. Sixty percent of the shares will be allocated to the Deka-ImmobilienGlobal portfolio and forty percent to the Deka-ImmobilienEuropa portfolio. Fellner Wratzfeld & Partner advised UniCredit on the deal. Closing took place on July 6, 2017 and the purchase price was not disclosed.

In The Corner Office we invite Managing Partners at law firms from across the region to share information about their careers, management styles, and strategies. The question this time around: Is your personal practice more or less the one you anticipated when you finished law school, or did it change somehow in the interim?

When asked about the Buzz in Austria, Thomas Kulnigg, Partner at Schoenherr, says that M&A activity has significantly increased, with 2016 being one of the top 10 years in deal volume since 1988, and he says that 2017 is "well on its way." What Kulnigg is currently excited about, beside the typical Corporate/M&A work, is the start-up work his team is doing.

Schoenherr has advised Erste Group Bank AG on the financing of the leveraged buyout of Austrian sensor technology manufacturer Frauscher Sensortechnik GmbH by New York-based Greenbriar Equity Group LLC. MNKS acted as Luxembourg counsel for Erste Group, and Frauscher Sensortechnik and Greenbriar were advised by Binder Groesswang and Stibbe, respectively.

Business is good in Bulgaria at the moment, according to Ilko Stoyanov, Partner at Schoenherr in Sofia. He draws particular attention to the real estate market — especially the shopping mall segment, which has seen four Sofia malls change owners already this year. Stoyanov isn’t able to pinpoint a particular reason for the boom, but notes that two of the malls (The Mall and the Serdika Center) are expected to be sold to a "sizeable investor”  New Europe Property Investments. The price of real estate has increased in 2017, according to Stoyanov, “reaching levels close to before the financial crisis."

We are living in a digital age. The Snowden case has placed certain aspects of personal data processing and related threats in the spotlight. The ripple effects have been seen far beyond the USA, and Bulgaria has also been affected by discussions on how personal data is used. However, personal data protection is a post factum topic when problems and questions arise. Many Bulgarians have heard about personal data, but few are interested in finding out more. The protection of personal data is, generally, not taken seriously. 

Since the publication of Regulation No. 2016/679 of the European Parliament and Council on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (GDPR), it is certain that the regulatory framework of data handling and personal data protection will significantly change.

Schoenherr at a Glance

Schoenherr is a leading full-service law firm in Central and Eastern Europe. With 14 offices located in Belgrade, Bratislava, Brussels, Budapest, Bucharest, Chisinau, Istanbul, Ljubljana, Podgorica, Prague, Sofia, Vienna, Warsaw and Zagreb, as well as country desks for Albania, Bosnia-Herzegovina, Macedonia and Ukraine, Schoenherr provides its clients with comprehensive coverage of the CEE/SEE region. More than 300 legal professionals work across borders according to the individual needs and requirements of local and international companies. Quality, flexibility, innovation and practice-oriented solutions for complex assignments in the field of business law are at the core of Schoenherr's philosophy.

Firm's website: http://www.schoenherr.eu/knowledge/