Cerha Hempel has advised Aberdeen Standard Investments Deutschland AG on its acquisition of residential development project Franz Joseph from Innsbrucker Projektgemeinschaft Moser Wohnbau & Immobilien GmbH and Bauwerk Wohnraum GmbH. Grama Schwaighofer Vondrak Rechtsanwalte advised the sellers on the deal.
The Franz Joseph project, which is near Vienna's main railway station, is a part of the Life at Helmut Zilk Park urban development in the 10th district of Vienna. The project was acquired for its Aberdeen Standard Pan European Residential Fund, established in Luxembourg. The planned development includes four 3 to 10 story structures built on top of a shared, two-story underground car park. Cerha Hempel reports, once completed in mid-2021, the project will offer approximately 180 residential units with a total space of approximately 10,000 square meters and 110 parking spaces, as well as two commercial units.
Standard Life Aberdeen was formed in 2017 from the merger of Standard Life plc and Aberdeen Asset Management Plc.
The Cerha Hempel team was led by Partner Mark Krenn, supported by Partners, Peter Vcelouch, and Benjamin Twardosz, Senior Associate Jakob Hartig, and Associates Filip Ballok, and Edda Unfricht
The Grama Schwaighofer Vondrak Rechtsanwalte team consisted of Partners Andreas Schwaighofer, Georg Zacherl, and Philip Vondrak and Associate Sarah Rosenthaler.