Graf & Pitkowitz has advised the Fleissner Group on the sale of the Fachmarktzentrum Deutschlandsberg retail park, which arose in 2000 from a joint venture between the Fleissner Group and the Kuess Group. The Kuess Group was advised by the Friedrich Schubert law firm, and the buyer, TH Real Estate, which acquired the park for the Austria Property Fund, reportedly was counseled by Baker McKenzie.
The shopping area is located about 40 kilometers southwest of Graz, and has a usable area of around 10,900 square meters with about 400 parking spaces. It is almost completely rented to, among others, Fussl, Deichmann, and the drugstore chain DM.
The property was transferred as part of an asset deal for a purchase price of just over EUR 25 million.
The buyer was TH Real Estate, an investment company specialized in real estate, which acquired the retail park for Austria Property Fund.
The Graf & Pitkowitz team was led by Partner Martin Foerster.
The Friedrich Schubert law firm team was led by Managing Partner Friedrich Schubert.