Dorda has advised Soravia and ARE Development as joint venture and project partners on their sale of TrIIIple Tower 3 to Corestate Capital Group. The buyers were reportedly advised by Binder Groesswang, with a Dusseldorf-based Allen & Overy team advising Corestate on the structuring of the transaction.
According to Dorda, "the Austrian real estate project TrIIIple is regarded as landmark project with a project volume of more than EUR 300 million and a total usable area of around 70,000 square meters." In addition, the firm reports, "Projekt TrIIIple foresees the development and construction of three residential towers and an office building at the former customs office in the 3rd Vienna district. Tower 3 is designated to house 670 micro-apartments for students and young professionals as well as office and retail space in the ground floor." Finally, the firm says, "as of autumn, 2017, the project partners will start construction on the first two residential towers. At the same time, the detailed planning for tower 3 will commence together with the investor; completion is scheduled by 2020."
Soravia Equity is a subsidiary of the Soravia Group, while ARE Development is a company of the Austrian public entity Bundesimmobiliengesellschaft (BIG).
Dorda Partner Stefan Artner and Attorney Magdalena Brandstetter advised the sellers. Artner commented that: "The TrIIIple Towers are currently one of the most interesting and largest construction projects in Vienna. The developers Soravia and ARE Development are setting new standards with this visionary project. A special highlight: By bridging the airport highway, the residential towers will be connected to the Danube Canal, and thus brought to the water. We are delighted to be advising on this landmark project."
Image Source: triiiple.at