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.
“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.
While no more applications for Micro Projects (those below 0.5MW) can be submitted under Hungary’s very generous mandatory off-take system since the end of April 2018, the Government seems to have acknowledged that the projects already licensed under the subsidy regime may not be physically implemented within the strict deadlines set forth in the original legislation. Therefore, it is now possible for entities that applied for licenses after January 1, 2016 to ask for a three- years extension to complete their projects without any sanction. This is good news for license-owners and potential investors, as they have a reasonable amount of time to manage the relatively burdensome permitting proceedings and can also secure project finance. This is also good news for the Hungarian state budget because the first heavy payments to the projects under the mandatory off-take system will be delayed by a few more years.
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.
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.
Fellner Wratzfeld & Partner and Wolf Theiss have advised the Steinhoff Group on the sale of the Kika/Leiner Group to Signa Holding. Arnold Rechtsanwalte advised Signa Holding on the acquisition. Kika was represented by Urbanek Lind Schmied Reisch on the sale. Eisenberger & Herzog and the London office of Milbank, Tweed, Hadley & McCloy advised a group of creditors of the seller of Kika/Leiner's property assets in Austria and several CEE countries.