The real estate team at CERHA HEMPEL has advised ARE Austrian Real Estate on the acquisition of an office and hotel building at Sonnwendgasse 11-13 in Viennese district "Favoriten" from Generali Real Estate. Closing took place at the end of 2022.
The building is in an attractive location between the Sonnwendviertel and the established cluster of office buildings at Vienna's main railwaystation. With around 9,200 square meters of floor space, the property's tenants include the Federal Finance Academy of the Federal Ministry of Finance, a hotel with 40 rooms connected to the adjacent building, as well as a Billa supermarket and a branch of Oberbank.
Completed in 2012, the V-shaped building with an inner courtyard was LEED Gold certified in accordance with the LEED Certification of USGBC (New & Existing Buildings). The property is expected to receive BREEAM certification in the "Very Good" category in the near future.
CERHA HEMPEL comprehensively advised ARE Austrian Real Estate on this acquisition with regard to due diligence and the purchase agreement negotiations.
"We're pleased that ARE once again placed its trust in our expertise for the acquisition of this high-quality property in a prime location in what is a challenging market environment", said CERHA HEMPEL partner Mag. Mark Krenn, who led the real estate team. "By using the cloud-based project management solution 'Closd', we were able to prepare and close the transaction efficiently and in the process demonstrate that we are pioneers in the use of legal tech tools", Mark Krenn continued.
The team at CERHA HEMPEL consisted of Mark Krenn (Lead Partner, Real Estate), Heinrich Foglar-Deinhardstein (Partner, Corporate), Jakob Hartig (Counsel, Corporate), Marko Vladic (Attorney, Real Estate), Johanna Kaschubek (Associate, Real Estate) and Christoph Stingeder (Associate, Real Estate).
ARE Austrian Real Estate
ARE Austrian Real Estate specializes in office, residential and development properties. Its portfolio comprises around 583 existing properties and around 35 projects under development. The lettable floor space amounts to around 1.8 million m² with an IFRS fair value of EUR 3.9 billion.