Schoenherr has advised German fund manager Union Investment Real Estate on the acquisition of two properties in Graz, the Max Tower and Styria Center. The seller of Styria Center is a consortium of three private owners, while Max Tower was purchased from businessman and former politician Harald Fischl.
Max Tower, also known as Gurtelturm, is an office block situated in the Gries district of Graz, and Styria Center is a mixed-use property in the Graz city center. Both properties will be added to the holdings of open-ended Immofonds 1 real estate fund, which is marketed solely in Austria.
“German institutional funds are showing a growing interest in real estate investments in Austrian cities such as Graz, Linz, Salzburg, and Innsbruck,” said Arabella Eichinger, Schoenherr real estate Counsel. “We're seeing these funds looking at investments which offer a strong potential for long-term rental income in cities beyond Vienna and the two acquisitions in Graz are an example of this trend."
Union Investment Real Estate is a German fund manager investing in real estate properties worldwide. The company also acquired the Milestone Graz micro apartment complex for students for one of its special funds in autumn 2017.
Styria Center offers residential, office, and commercial units totaling around 15,000 square meters of rental space. The transfer of rights and obligations for Styria Center is scheduled for autumn 2018.
Max Tower is an office building in Graz housing – among others - municipal authorities as well as insurer Helvetia. It covers approximately 6,200 square meters of rental space and has 108 parking spaces.
The Schoenherr team consisted of Partner Franz Urlesberger, Counsel Arabella Eichinger, Attorneys at Law Dominik Hofmarcher and Elisabeth Kirrer, and Associates Benjamin Schlatter, Teresa Waidmann, Marko Vladic, Christoph Tittes, and Daniel Hohnl.
