The team at CERHA HEMPEL headed by real estate partner Manfred Ton has advised Value One on the sale of the listed grandstand Tribüne 3 to Red Bull Media House. The former grandstands at the Krieau harness racing track are Vienna's oldest reinforced concrete buildings and had stood vacant since the 1960s. After three years of renovation, closely coordinated with the Federal Monuments Office, the underlying structure of the grandstands has been preserved and brought up to date using state of the art techniques and technology.
"We're pleased Value One chose to rely on the expertise of CERHA HEMPEL for this fantastic transaction", said Manfred Ton.
The parties have agreed not to disclose the purchase price.
Value One, with its headquarters in Vienna, has developed and realized real estate worth approximately EUR 2 billion over the past 20 years. Its most notable projects include the Viertel Zwei urban development in Vienna and MILESTONE premium student apartments across Europe.