European Commission gives the go-ahead for Allianz's acquisition of a stake in the SES-Fischapark shopping center: CHSH successful in merger control proceedings

CHSH Cerha Hempel Spiegelfeld Hlawati has represented the Austrian SPAR group and Allianz in European merger control proceedings to obtain approval for the indirect acquisition of a 49.5% stake by Allianz group companies in the FISCHAPARK shopping center operated by SES Spar European Shopping Centers GmbH, Austria ("SES").

CHSH Cerha Hempel Spiegelfeld Hlawati has represented the Austrian SPAR group and Allianz in European merger control proceedings to obtain approval for the indirect acquisition of a 49.5% stake by Allianz group companies in the FISCHAPARK shopping center operated by SES Spar European Shopping Centers GmbH, Austria ("SES"). SES holds the remaining 50.5% in the retail property and also continues to be responsible for the center and assets management. The European Commission approved the transaction on 18 February 2016.

The competition team at CHSH consisted of Dr. Bernhard Kofler-Senoner, LL.M. (partner), Dr. Michael Mayer (attorney) and Mag. Johannes Frank (associate). Kofler-Senoner's team at CHSH also advised the SPAR group back in 2013 in connection with the acquisition of joint control by Allianz of seven SES shopping centers in Austria, Italy and Slovenia ("Senza Confini Portfolio"). Headed by Dr. Thomas Zivny (partner), CHSH acted as Transaction Counsel to the SPAR group during both transactions. Mag. Mark Krenn, real estate partner at CHSH, was also heavily involved in the transaction.

 As the shopping center and real estate company within the SPAR group, SES is responsible for developing, establishing, leasing, managing and marketing real estate properties. The shopping center portfolio of SES currently includes 30 sites in six countries.

Allianz Real Estate is the strategic competence center for real estate investments within the Allianz group and a leading international investment and asset manager in the real estate sector. This project saw SES and Allianz continue their successful cooperation in the retail investment sector.

The FISCHAPARK shopping center first opened its doors in 1996 and has been one of the most successful shopping centers in the region for many years. SES redeveloped and expanded the center between 2012 and 2015, completely modernising and making it fit for the future as part of a EUR 120 million refurbishment project.

 Closing of the transaction has now occurred.