A new buzzword has reached the Real Estate world and its service providers, including the legal community: “PropTech.” PropTech – or “Property Technology” – is simply shorthand for various IT applications that are specifically designed to address the needs of the real estate industry.
Wolf Theiss has advised international tech investor TCV on its investment in Vienna-based travel start-up TourRadar, which was represented by Herbst Kinsky. Endeit Capital, Hoxton Ventures, and Cherry Ventures also formed part of the USD 50 million funding round, with Endeit Capital advised by Schoenherr.
End of July, the Austrian Data Protection Authority ('DPA') published its first decision on retention periods applying the General Data Protection Regulation ('GDPR'; DSB-D216.471/0001-DSB/2018). The decision is final. The DPA had to decide for which period a provider of telecommunications services (hereinafter: the 'controller') may (respectively must) retain so called master data, required for the controller's legal relationship with the user of its services (hereinafter: the 'applicant').
Following up on Efficient Arbitration – Part 2: Launching an Efficient Arbitration, where we addressed efficiency tools available at the early stages, we now provide an overview of options to save time and costs up until the award. As we continue our efficiency series, we will zone in on a selection of efficiency tools and discuss our experience using them.
“Since 2017 the real estate market in Austria has been quite steady, and we’ve seen a lot of cash inflow and a lot of demand ⎯ in particular for offices,” reports Birgit Kraml, Partner in Wolf Theiss Vienna’s Real Estate & Construction team. She adds that yields are rather low, with four percent considered good.
With its National Data Protection Amendment Act 2018 (“DSG 2018”) enacted well before the May 25th 2018 deadline, Austria is considered to be one of the EU leaders regarding the implementation of the GDPR. To be precise, the DSG 2018 was implemented in May, 2017, shortly before Austria’s national elections took place. The consequence of Austria’s attempt to play a pioneering role is that the DSG 2018 was rushed, and thus, at least in some parts, extremely difficult to read – and it fails to take advantage of the majority of the permitted GDPR derogations.
Wolf Theiss has advised Raiffeisenlandesbank Oberosterreich Aktiengesellschaft on its June 12, 2018 placement of mortgage-covered bank bonds with a fixed interest rate in the amount of EUR 500 million on the international capital market. Weber Rechtsanwalte advised Joint Lead Managers DekaBank, DZ Bank, Erste Group, Raiffeisen Bank International, and UniCredit.
Patients nowadays have access to an enormous range of medical knowledge through social media, websites and health apps (in combination with wearables). The latter have become increasingly popular in recent years because of their ability to monitor in real time pulse, blood pressure, blood glucose levels and other parameters. Doctors are also intrigued by the promising opportunities of technological innovation. Digital health products that provide diagnostic and therapeutic options therefore have tremendous social and economic potential. According to market research, even though tremendous revenue is already being generated, the digital health industry is still in its infancy and innovative start-ups have many promising opportunities to grow, especially in Europe.
Wolf Theiss has advised Raiffeisen Bank International AG, Erste Bank, and Raiffeisenlandesbank Oberosterreich Aktiengesellschaft on their green bond issuance. The Joint Lead Managers, Credit Agricole Corporate and Investment Bank, DZ BANK AG Deutsche Zentral Genossenschaftsbank, Frankfurt am Main, HSBC Bank plc, ING Bank N.V., and Raiffeisen Bank International AG were advised by White & Case.