Schoenherr and K&L Gates have advised German property investor Art-Invest Real Estate on the acquisition of 390 apartments, in Vienna's third district, from Premium Immobilien AG and ARE Austrian Real Estate Development GmbH, who were represented by Baker & McKenzie.
The apartments will be part of "The Ensemble" residential development project, next to the Danube canal, which will consist of eight hundred apartments, 240 parking spaces, and 850 bicycle parking rack. Comprising an entire building block, the project will also include a 7,000 square meter public park. The completion of the project is expected in the first quarter of 2020.
Art-Invest is a real estate project development and investment company with headquarters in Cologne. The company invests in well-positioned office, retail, and hotel properties with value creation potential in major metropolitan locations in Germany and now Austria.
The acquisition by Art-Invest was conducted on behalf of a residential investment fund for a German institutional investor.
The Schoenherr team advising Art-Invest included Partner Michael Lagler, Counsel Arabella Eichinger, and Attorneys Laurenz Schwitzer, Alexander Babinek, and Ayla Ilicali.
Baker & McKenzie's team included Partner Stephan Gross and Associate Roman Jatzko.