Dorda has advised Corestate Capital Holding S.A. on the acquisition of the UBM Micro Living project Vienna's new Quartier Belvedere Central district from developer UBM Development AG. Eisenberger & Herzog reportedly advised UBM Development on the deal.
The UBM Micro Living project features 131 fully furnished and serviced micro apartments in an area of around 8,600 square meters. The project is expected to be ready in the second quarter of 2019.
According to Dorda, "the transaction was carried out in a 'Forward Funding' (payment by progress of construction) deal structure with a transaction volume of EUR 27 million. In addition to the acquisition of the project, the legal advice included the negotiations on the general contractor agreement." In addition, the firm reports, "Corestate recently launched a serviced apartment fund where they invest primarily in housing estates with fully equipped and furnished one to two-room apartments in central locations of European capital cities. The UBM Micro Living project is already the second real estate investment in Vienna in 2017 for Corestate after the acquisition of the TrIIIple tower 3." (That previous deal was reported by CEE Legal Matters on September 19, 2017).
The Dorda team was led by Managing Partner Stefan Artner, supported by Attorneys Daniel Richter and Magdalena Brandstetter. According to Artner, "the market for student living is currently one of the most thriving new asset classes in real estate. We are also quite familiar with the QBC development area as we already advised Amundi Real Estate on the acquisition of the two Accor hotels, a Novotel and an Ibis, in the QBC quarter."
The Eisenberger & Herzog team was led by Partner Alric Ofenheimner and included Partner Clemens Lanschutzer and Associates Krzysztof Nowak and Ladislav Bulajcsik.