Schoenherr has advised Immofinanz AG on the expansion of its STOP SHOP retail park portfolio in Slovakia through the acquisition of six shopping centers from the Austrian WM Group, which was represented by CHSH in Austria and by bpv Braun Partners in Slovakia. The financial terms of the transaction were not disclosed. The framework purchase agreement was signed on October 28, 2016, with closing of the transaction expected in the first quarter of 2017.
Immofinanz is a commercial real estate company focusing on the retail and office segments of several core markets in Europe: Austria, Czech Republic, Germany, Hungary, Poland, Romania, and Slovakia. The core business includes the management and development of properties. The company has a real estate portfolio of approximately EUR 5.4 billion that covers more than 360 properties.
STOP SHOP is Immofinanz's brand for retail parks in Austria and CEE. The portfolio consists of 66 retail parks in seven countries.
The WM Group is active as a real estate developer in Austria, Croatia, Hungary, Slovakia, and Slovenia.
Schoenherr supported the company on all Slovak legal aspects of the transaction with the WM Group, including the due diligence, the structuring of the transaction, and the drafting and negotiation of the SPA. The firm's team was jointly led by Vienna-based Partner Michael Lagler and Bratislava-based Partner Sona Hekelova, assisted by Bratislava-based attorneys Peter Devinsky and Michal Lucivjansky and Associate Tomas Silhanek.
The CHSH team advising the WM Group consisted of Partner Johannes Aehrenthal and Associate Stephanie Heimel.
The bpv Braun Partners team was led by Partner Igor Augustinic, who, the firm reports, "has been advising the WM Group since the development of the shopping centers currently being sold started."
Image Source: immofinanz.com