The real estate team at CERHA HEMPEL provided legal advice to ARE Austrian Real Estate on its acquisition of the "Green Worx" office complex from the UniImmo Deutschland real estate mutual fund, which is managed by Union Investment.
"Green Worx", which consists of four interconnected buildings and is located at Walcherstrasse 6 / Lassallestrasse 7A in the Leopoldstadt area of Vienna, was completed in 2012 and is LEED Platinum certified. With a lettable area of approximately 17,000m², the property is almost fully let.
CERHA HEMPEL comprehensively advised ARE Austrian Real Estate on this acquisition with regard to due diligence, the purchase agreement negotiations and the escrow agreement.
"We're extremely pleased to have been able to advise ARE on its acquisition of this high-quality office property," said partner Mag. Mark Krenn, who led the CERHA HEMPEL real estate team.
The team at CERHA HEMPEL consisted of Mark Krenn (Lead Partner), Heinrich Foglar-Deinhardstein (Partner), Marko Vladic (Senior Associate), Jakob Hartig (Counsel) and Johanna Kaschubek (Associate).
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.