The real estate team at CERHA HEMPEL headed by Mark Krenn has once again advised abrdn (formerly Aberdeen Standard Investments) on the acquisition of a residential project in Vienna as part of a forward deal. The development in Vienna's 15th district was acquired for its Luxembourg-based Aberdeen Standard Pan European Residential Fund. A residential building complex with total living space of 19,766 m² – divided into 311 residential units – as well as 198 underground parking spaces and approximately 850 m² of storage space for the tenants will be constructed on the 7,816 m² project site, making it one of the largest projects in the fund's portfolio. The project is scheduled for completion in the spring of 2024.
abrdn acquired the project from the Innsbruck-based project consortium Moser Immobilien GmbH and Bauwerk Immobilien GmbH.
For Marc Pamin, CEO of Aberdeen Standard Investments Deutschland AG and fund manager of the Aberdeen Standard Pan European Residential Property Fund, "this attractive project is a valuable addition to our diversified residential property fund. With this project, we're pleased to have expanded our commitment in Vienna even further. The good location, proximity to recreational areas, extremely good local transport links and sustainability with regard to energy efficiency and materials will mean that tenants, investors and the city of Vienna will all benefit in equal measure."
The acquisition has been structured as a forward-funding transaction, in connection with which CERHA HEMPEL has comprehensively advised a fund managed by abrdn. Closing took place in June 2021.
"This is now the second time we've advised abrdn, one of the world's largest asset managers, on a real estate project in Vienna. The investment is proof that residential real estate in Austria continues to be attractive to institutional investors", says Mark Krenn, Partner at CERHA HEMPEL Rechtsanwälte, about the successful completion of the deal and the ongoing interest shown by investors in the Vienna real estate market.
The team at CERHA HEMPEL consisted of Mark Krenn (Lead Partner, M&A/Real Estate), Heinrich Foglar-Deinhardstein (Partner, Corporate), Jakob Hartig (Senior Associate, Corporate), Marko Vladic (Senior Associate, Real Estate), and Angelika Schüßler-Datler (Senior Associate, Real Estate). Aberdeen was advised by Deloitte on tax matters and by Drees & Sommer on construction matters.
abrdn is one of the world's leading active asset managers. Its investment arm manages assets valued at EUR 519.2 billion (as at 31/12/2020) under the abrdn brand. As such, abrdn is one of the largest active asset managers in the United Kingdom and Europe.