DORDA advised ARE Austrian Real Estate Development GmbH on increasing its stake to 100% in a joint venture company developing the ‘VIENNA TWENTYTWO’ real estate project. The seller and previous project partner was a company belonging to the SIGNA Group. ARE Austrian Real Estate Development GmbH will now continue the project independently.
The DORDA team, led by Martin Brodey (Partner, M&A), Felix Hörlsberger (Partner, Insolvency Law) and Ulrich Weinstich (Principal Associate, M&A), once again demonstrated its expertise and experience in this transaction.
Martin Brodey comments: "This transaction secured a major construction project whose implementation would otherwise have been uncertain due to SIGNA's insolvency. This enabled our client ARE Austrian Real Estate Development GmbH to make a valuable contribution to the continuation of an urban development project. We are delighted to have been able to advise on this transaction, which was very exciting due to the circumstances."
Felix Hörlsberger: ‘We are delighted that, despite the tense situation on the seller side, we were able to agree on and implement a legally secure transaction structure.’
In addition to Martin Brodey, Felix Hörlsberger and Ulrich Weinstich, Stefan Artner (partner, real estate), Christoph Brogyányi (partner, corporate law), Heinrich Kühnert (partner, antitrust law), Michael Gruber (of counsel, corporate law), Julia Landskron (principal associate, corporate law), Alexander Karl (principal associate, litigation), Aleksandra Hübl-Langer (associate, M&A), Sarah Gruber (associate, insolvency law) and Mirko Marjanovic (associate, antitrust law) also advised on the transaction.
About ARE Austrian Real Estate GmbH / ARE Austrian Real Estate Development GmbH:
ARE Austrian Real Estate GmbH is one of the largest property owners in Austria. Its portfolio comprises 582 office, residential and commercial properties with around 1.9 million square metres of lettable space. The market value of the portfolio is around €4.2 billion. The development of attractive urban districts with well-planned infrastructure is one of the core competencies of ARE Austrian Real Estate Development GmbH. ARE Austrian Real Estate GmbH is a wholly owned subsidiary of Bundesimmobiliengesellschaft (BIG). ARE Austrian Real Estate Development GmbH is a wholly owned subsidiary of ARE Austrian Real Estate GmbH.
About the VIENNA TWENTYTWO project:
Since 2019, VIENNA TWENTYTWO has been developing an ensemble of six buildings. Four of these have already been completed and handed over, while two are currently still under construction and will be completed by the end of 2025. ARE Austrian Real Estate Development GmbH has been implementing the project in a project company with Forum Donaustadt Holding GmbH, a company belonging to the SIGNA Group.
