The real estate team at CERHA HEMPEL led by Mark Krenn has advised Aberdeen Standard Investments Deutschland AG in connection with the acquisition of a development project near Vienna's main railway station for its Aberdeen Standard Pan European Residential Fund, established in Luxembourg. The "Franz Joseph" project is part of the "Life at Helmut Zilk Park" urban development in the 10th district of Vienna. The planned development includes four 3 to 10 story structures built on top of a shared, two-story underground car park. Once completed in mid-2021, the project will offer approximately 180 residential units with a total space of approximately 10,000 m² and 110 parking spaces, as well as two commercial units.
Aberdeen Standard Investments acquired the project from Innsbrucker Projektgemeinschaft Moser Wohnbau & Immobilien GmbH and Bauwerk Wohnraum GmbH.
The acquisition has been structured as a forward-funding transaction, on which CERHA HEMPEL has comprehensively advised a fund managed by Aberdeen Standard Investments. Closing took place in September.
"This great project fills the last gap at the site surrounding Vienna's main railway station. We're pleased that Aberdeen Standard Investments have put their trust in our services", Mark Krenn for the Real Estate Transaction Team at CERHA HEMPEL.
Standard Life Aberdeen plc is one of the world's largest investment companies, formed in 2017 from the merger of Standard Life plc and Aberdeen Asset Management PLC. Its investment arm manages assets valued at EUR 587.6 billion (as at 30/06/2019) under the Aberdeen Standard Investments brand. As such, Aberdeen Standard Investments is the largest active asset manager in the United Kingdom and one of the largest in Europe.
The Innsbruck project entity acquired the real estate property at the end of 2017 from ÖBB and has been supported both during the purchase and the sale to Aberdeen Standard Investments Deutschland AG by GSV.
Aberdeen Standard Investments
Law: CERHA HEMPEL: Mark Krenn (lead partner, M&A/Real Estate), Heinrich Foglar-Deinhardstein (Corporate), Peter Vcelouch (Construction), Benjamin Twardosz (Tax) (all partners at CERHA HEMPEL), Jakob Hartig (Senior Associate, Corporate), Filip Ballok (Associate, Real Estate), Edda Unfricht (Associate, Real Estate)
Tax: Deloitte: Michael Weismann (Partner, Tax), Thomas Lahmer (Director, Financial Advisory)
Technical planning: Drees & Sommer: Georg Stadlhofer, Egon Gröller
Planning: Architekt Christoph Schwaighofer ZT GmbH: Christoph Schwaighofer
Law: Grama Schwaighofer Vondrak Rechtsanwälte GmbH: Andreas Schwaighofer (Real Estate), Georg Zacherl (M&A/Real Estate), Philip Vondrak (Tax) (all partners at GSV), Sarah Rosenthaler (Associate, Real Estate)
Tax: Wirtschaftstreuhand Tirol: Peter Pfleger
Financing: Raiffeisen-Landesbank Tirol: Thomas Wass, Thomas Ruetz