Schoenherr has advised real estate investment company Deka Immobilien GmbH on the acquisition of the Hoch Zwei and Plus Zwei office buildings in Vienna, from S IMMO AG, which was advised by Dorda. The purchase price was EUR 235 million and closing took place on August 31, 2017.
DEKA Immobilien GmbH is a subsidiary of DekaBank Group, one of the largest providers of open-ended real estate funds in Germany. According to Dorda, "the purchase price ... exceeded the original price paid by S IMMO in 2010 by EUR 75 million."
The two office buildings are the headquarters of Austrian energy company OMV AG. Both buildings are located in Vienna's second district and are connected to each other by a bridge structure. The Hoch Zwei tower is 80 meters tall and has a total leasable area of around 27,000 square meters. The adjacent Plus Zwei building is 35 meters tall, with an office space of 20,000 square meters. Both buildings have been BREEAM In-Use certified with an "Excellent" sustainability rating.
The Schoenherr team advising Deka Immobilien was led by Partner Michael Lagler, supported by, among others, Partner Franz Urlesberger and Attorney Alexander Babinek.
The Dorda team was led by Partners Stefan Artner and Attorney Magdalena Brandstetter. Commenting on the transaction, Artner said: “We have been trusted advisors to S-Immo regarding most of their major Austrian transactions for several years. Therefore, we were also involved in the purchase of this landmark building and have since then been able to follow the successful development of the site. Now, advising again on the sale, we were able to contribute to the successful marketing of the two prestigious buildings.” Artner continued: “The real estate market in 2017 is very dynamic. My team and myself, we are delighted to work on many of the leading deals also during this year.”
Ernst Vejdovszky, Chairman of the Executive Board of S IMMO AG, commented: “With the successful sale of 'Viertel Zwei' we profited from the high price level in the Vienna market, thus acting once again in line with our cycle-oriented strategy. Thanks to the support of Stefan Artner and his team, who accompanied us right from the acquisition of this project, we wrapped up the sale most professionally and efficiently.”
Deka Immobilien has been active in Vienna this summer, as Dorda recently advised a subsidiary of Reitenburg GmbH on its acquisition of the A1 Telekom Austria site from Deka (as reported by CEE Legal Matters on August 3, 2017), and in July Schoenherr advised Deka on its acquisition of DC Tower 1, Vienna's tallest hotel and office building (as reported on July 17, 2017).