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DORDA advises on the acquisition of Austrian office properties Denk Drei

June 2018 - Real Estate & Property. Legal Developments by Dorda.

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Stefan Artner, Partner and Head of the Real Estate Practice Group, and real estate attorney Klaus Pfeiffer of DORDA advised Austrian Real Estate Development GmbH (ARE, a subsidiary of Bundesimmobilien-Gesellschaft, the Austrian privatization agency) on the acquisition of the Denk Drei office properties from IC Development. The successful closing of the forward purchase transaction took place on April 30, 2018. The parties have agreed not to disclose the purchase price.

"Our team has already handled several transactions in the "Viertel Zwei" quarter. The new Vienna district remains attractive for domestic and international investors," says Stefan Artner. “We are pleased that we were also called to serve in this project being part of the further expansion of the quarter. Viertel Zwei marks one of Vienna's most successful urban development projects where the quality of work and of life complement each other perfectly".

Denk Drei office buildings by French architects Chaix&Morel consist of three structures. The 6-storey main building being in the middle, the two other buildings being connected over several floors and with terraces and balconies. The award-winning architectural property, which had been completed as early as 2017, is located in Viertel Zwei near the Prater and the Vienna University of Business and offers 21,000 sqm office space and 2,000 sqm retail space. Almost 90 percent of the property is now let. One third of the space was sourced from BIG/ARE.

On the side of the buyer ARE, the DORDA team advised under the lead of Stefan Artner (Partner, Head of the Real Estate Practice Group). He was supported by Klaus Pfeiffer (lawyer, real estate), Marie-Luise Pugl and Oliver Mandl (both real estate).

DORDA is a leading law firm in Austria, advising in all areas of business law. Last year, the firm advised on the sale of OMV Headquarter in Viertel Zwei and on the takeover of A1 Headquarters in Oberer Donaustrasse. The Real Estate team was also in charge of CORESTATE's acquisition of the UBM Micro Living project in the Belvedere Central Quarter (BCQ). In addition to real estate and tenancy law, M&A, banking and capital markets law, the firm also specialises in corporate law, insolvency law and restructuring, tax law, competition law, employment law, public commercial law, IP/IT, data protection and media law.