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EUR 230 million project Quartier Belvedere Central: DORDA assisted UBM and S IMMO to a successful closing

Date: 
Friday, 15 January 2021

Despite the Corona lockdown, the closing of the office property transaction "Quartier Belvedere Central 1, 2 & 7" of the joint venture partners UBM Development (66 %) and S IMMO (34 %) took place just before year-end 2020. DORDA's real estate experts Stefan Artner and Magdalena Brandstetter legally accompanied the transaction of the prestigious project from the very beginning. The properties were sold for around EUR 230 million to EPH European Property Holding.

Vienna, 15 January 2021 - Without delay and yet before the turn of the year, Stefan Artner, partner and head of DORDA's real estate practice group, and attorney Magdalena Brandstetter, together with associate Caroline Lessky, assisted UBM Development and S IMMO AG in the closing of the EUR 230 million large-scale project Quartier Belvedere Central. DORDA already supported UBM Development, a leading real estate developer in Europe, and the real estate investment company S IMMO AG in the signing of the sale in August 2019, in which the office properties "QBC 1&2" and the underground car park "QBC 7" were sold as a forward purchase deal to the international investor EPH European Property Holding. Despite the turbulent year 2020 due to COVID-19, the project was completed on schedule and closed on December 29, 2020.

Closing of a successful project
The closing includes the last two building components and the underground parking lot of the urban development project Quartier Belvedere Central (QBC) at Vienna Central Station. Upon completion, the office properties "QBC 1&2" have a total leasable area of 38,700 sqm, in addition to the underground parking garage "QBC 7" with almost 680 parking spaces. The properties are part of the newly developed Quartier Belvedere district and score with a combination of prime location and versatile infrastructure offerings.

"The urban development project around Vienna Central Station and in particular the newly created Quartier Belvedere is a success story in the domestic real estate landscape. Not only has it created an attractive and livable new district in the heart of Vienna. Thanks to its proximity to the city center and perfect public transport links directly at the main railway station, the QBC has also become a much sought-after new office location," says Stefan Artner.

Magdalena Brandstetter adds, "We are very pleased to provide legal support to UBM Development and S IMMO from the very beginning of QBC 1, 2 & 7. And that we were able to successfully implement this prestigious large-scale project with our clients on time."

About UBM Development
UBM Development develops real estate for Europe's metropolitan areas. The strategic focus is on green buildings and smart offices in major cities such as Vienna, Berlin, Munich and Prague. With over 145 years of experience, UBM offers all development services from planning to marketing from a single source. The shares are listed on the Prime Market of the Vienna Stock Exchange, the segment with the highest transparency requirements.

About S IMMO AG
S IMMO AG is a listed real estate investment company with its headquarters in Vienna. The company invests wholly in the European Union, focusing on Austria, Germany and CEE. S IMMO's real estate portfolio consists of offices, shopping centers, hotels and residential properties. S IMMO stands for a profitable and cash-flowing portfolio and for profitable growth.



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